Lloyd Wigglesworth, the group's managing director of printing and publishing, will step down from the board at the end of this month and will leave the company in October. 

He initially joined the group as a non-executive director in 2008 and became a board member in 2009. He will not be directly replaced.

"It reflects the restructuring that’s been done at the group. We have fewer factories and businesses under that segment now, and Lloyd has been an important part of that transition," explained chief executive Patrick Martell, who thanked Wigglesworth for his contribution to the business.

The executive management at St Ives’ various businesses will now report directly to either Martell or finance director Matt Armitage.

"We are creating more of a matrix structure rather than old-fashioned reporting lines. It’s about the future," Martell added.

The move will also save the PLC a six-figure sum. Wigglesworth had a basic salary of £248,000 and a total package including bonus and shares of £511,000 last year.

Separately, St Ives has already announced that it intends to appoint an additional non-executive director.