The chief executive of James Hay’s parent company IFG Group is leaving his job with immediate effect.

Paul McNamara is stepping down from the role and as member of the group board.

The news was revealed to the Stock Exchange this morning but the announcement did not contain a reason for his departure.

John Cotter, currently group finance director, was unveiled as the new group chief executive.

Mr Cotter joined the board in December 2013 as group finance director and also served as interim chief executive of the group in 2014 prior to the appointment of Mr McNamara.

Mr Cotter has more than twenty years of senior leadership experience in financial services companies, having spent fifteen years at Morgan Stanley in various senior roles, and more recently three years as group finance director and chief risk officer at Collins Stewart Hawkpoint.

Mr Cotter has played a key role in driving the restructuring and development of the Group over the last three years.

John Gallagher, group chairman, said: "I would like to thank Paul for his contribution to the group and I welcome the appointment of John as group chief executive to lead us through the next phase of development and execution of the group's strategy."

The board added “its appreciation to Mr McNamara for his leadership of the group over the last two years”.