Wealth manager St James’s Place has appointed two female non-executive directors following criticism that financial services’ boards lack diversity.

St James’s Place chair Sarah Bates has retired as chair and a director of the wealth manager, making way for former Yorkshire Building Society chief executive Iain Cornish to become the new chair.

Wealth manager St James's Place plc has announced that senior independent director and former Yorkshire Building Society chief executive Iain Cornish is to become its new chairman, replacing Sarah Bates who is retiring.