Irish financial services firm IFG Group has appointed Kathryn Purves as its new CEO, as part of a management overhaul.

Purves, a non-executive director and chair of the group risk committee, will replace John Cotter with immediate effect.

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Purves formerly served as the chief risk officer at Partnership Assurance and also held senior roles at Phoenix Equity Partners, Deutsche Bank and UBS.

In addition, the group appointed Mark Dearsley as its new chairman, replacing John Gallagher who will step down in May this year.

Gallagher will however, maintain his majority stake in the firm following the move.

Dearsley is currently the firm’s interim CFO and will be replaced in this role by Gavin Howard.

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Dearsley previously worked at Partnership Assurance, Savills, Aviva Europe and International, and Just Group. Howard formerly worked in Octopus Group, Just Group, Partnership Assurance, Barclays and Friends Provident.

“I would like to thank John Cotter for his important contribution to the Group in a number of roles over the past four years. The Group has been repositioned significantly over this period resulting in a more streamlined structure with two very strong and well positioned businesses.  Looking ahead, we are extremely fortunate to have already amongst our ranks a successor of Kathryn’s caliber,” Gallagher said.