St James's Place directors Sue Harris and Alison Hewitt have resigned from the board following Lloyds Banking Group's sale of its remaining holding in the wealth manager.
Harris and Hewitt joined the board as non-executive directors on 1 June, replacing Steve Colsell as Lloyds Banking Group representative.
The sale of Lloyds' remaining 21% stake in St James's Place for £680m last week brought an end to the relationship agreement between the two companies, prompting the resignation of both Lloyds representatives from the SJP Board with effect from the end of the year.
Under the terms of the agreement, Lloyds was entitled to have one representative on the board for every 10% share it owned, up to 30%.
Lloyds Banking Group reportedly realised a gain of £105m from the sale of its remaining holding.
The group previously sold a 15% stake in May, following on from a 20% stake in March, to bring its holding in the wealth manager down from around 57% to 21%.
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