Wealth manager and SIPP specialist Mattioli Woods has overhauled its board in a move that will see two directors step down.

The changes will see Mark Smith and Alan Fergusson remain in their respective roles as chief operating officer and employee benefits managing director but they will step down from the ‘leaner’ plc board with immediate effect.

The switch to a slimmer board of six was revealed today by Ian Mattioli, co-founder and chief executive officer of the AIM-listed company. Under the change, the board will now comprise three independent non-executive directors and three executives.

It follows internal and external reviews of the effectiveness of the plc board, its sub-committees and the group’s senior executive management framework, says the fast-growing company which is based in Leicester.

The board will now focus on group strategy, finance, risk and governance. The company’s senior management team, known as SET, will concentrate on delivery and control of the group’s strategic and operational initiatives.

Mr Mattioli said:  “The board and its senior management team have been looking at how the needs of the group should be governed, led and managed so that it can continue to grow and develop as a listed financial service business ensuring great client outcomes.

“We believe the change gives greater balance between the plc board and SET, reducing the duplication of work and controls and setting up the business structure to compete successfully for the next phase of our growth.”

The board will now be made up of Joanne Lake, its independent non-executive chairman; Ian Mattioli; Murray Smith, group managing director; Nathan Imlach, chief finance officer; and Anne Gunther and Carol Duncumb, both independent non-executive directors.

The senior executive team will continue to be formed by Ian Mattioli, Murray Smith, Nathan Imlach, Mark Smith, Alan Fergusson, chief business officer Sara Andrews and Simon Gibson, chief investment officer.

In a trading update last month, the company revealed annual revenues of more than £50 million and £7.7 billion of assets under management for the year ending May 31, 2017.