StockMarketWire.com - Financial services group WH Ireland said chairman Tim Steel would retire at the end of the year, having overseen a management overhaul at the company.

Richard Lee would also retire as a non-executive director.

The company said its board had initiated a process to identify and appoint a successor for Steel to ensure an orderly handover.

Steel joined the board in March 2014 and was appointed chairman in January 2016.

He had overseen a complete change of senior management with a new chief executive, chief financial officer, head of wealth management and head of compliance.

He has also overseen significant changes in the board.

'Having overseen the implementation of the first phase of our recovery plan and the recruitment of a new senior management team and board, it is time for a new chairman to oversee the next stage of WH Ireland's development,' Steel said.

WH Ireland said it had made 'good progress' in its recovery plan, despite challenging market conditions.

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