Cross-border financial services provider STM Group is reducing the number of executive directors on its board as part of a review into its operating model.
At Plc level, the group will have only two executive directors from the current three, it said in a trading update.
Chief operating officer Pete Marr has also agreed to step down in the fourth quarter of the year, following a handover to the two remaining executives.
This is because the firm is making the role redundant during the second half of 2021.
Additionally, Nicole Coll will take on the role of chief financial officer. She was previously chief of finance and operations at Bank and Clients, and is expected to join the group in October 2021.
The financial services firm said that in the first half of 2021, its revenue in relation to the UK workplace pensions business was higher than anticipated but was offset by shortfalls on its UK Sipp business and on the flexible annuity product.
It has also completed three out of four major IT projects related to the migration to its two core administration systems.
The final migration process for the Maltese business will complete by the end of October 2021, which will see all of STM’s private pension businesses, including Sipps and Qrops, be on its in-house administration platform.
The cross-border services provider also completed the integration of Berkley Burke into the business, following its acquisition in August 2020.
Capitalise on cross-selling opportunities
STM said: “The focus for the second half of 2021, and going into 2022, is the acceleration of new business revenues. As part of this drive, the savings from the above restructuring will be invested into business development resources, commencing with the creation of a new role, group director of business development strategy.
“This non board role will ensure that the strategy for new business and product initiatives are implemented across the group, as well as capitalising on cross-selling opportunities.
“The second half of 2021 has already seen progress being made in relation to additional distribution through partnership collaborations and the relaunch of our short-term annuity product, both of which will contribute to new business revenue for 2021.”