Chrysalis Group stalwart Nigel Butterfield is to step down as financial director at the end of the year.

Chrysalis Group stalwart Nigel Butterfield is to step down as financial director at the end of the year.

The departure of Butterfield, 58, is described by the London-based music firm as a “phased early retirement” as part of its “routine succession planning process.”

News of Butterfield's move follows Beatles producer Sir George Martin's retirement from the Chrysalis board on Aug. 31.

Butterfield joined Chrysalis in 1976 as financial director and is now one of the longest-serving finance directors on a British publicly-listed firm. He will continue to serve for the company for a further 12 months on a part-time basis.

An announcement on Butterfield's replacement will be made in due course.