Mattioli Woods Plc COO Mark Smith and Alan Fergusson, employee benefits managing director, have stepped down from the company's board of directors with immediate effect, it said Aug. 15.

The company said the reduction of the total number of board members to six from eight is designed to "eliminate duplication and overlap" between its board and senior executive team.

Going forward, the board will comprise Joanne Lake, independent nonexecutive chairman; co-founder and CEO Ian Mattioli; Group Managing Director Murray Smith; CFO Nathan Imlach; and independent nonexecutive directors Anne Gunther and Carol Duncumb.