Parry replaces Dowley as ICG chair

Parry's appointment will be conditional upon his re-election as board director during the company's July annual general meeting. Parry is also chair of ICG's audit committee; the firm is currently on the lookout for a replacement for this role, while Peter Gibbs will replace Parry as senior independent director.

ICG stated an external search firm had been hired to find a suitable replacement for Dowley, including both internal and external candidates, resulting in Parry's appointment.

Dowley has spent more than a decade on ICG's board, including the last six as chairperson. A former chief financial officer at Schroders and managing partner at KPMG, he is currently a non-executive director at Standard Life and Daily Mail and General Trust (DMGT); he also chairs the Homes and Communities Agency.

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• Intermediate Capital Group