Hipgnosis Songs Fund Limited (LSE:SONG) has appointed a replacement chairman and another director after its annual shareholder meeting saw the board reduced to just one member.
The new non-executive chairman is Robert Naylor, who was formerly in the same role at Round Hill Music Royalty Fund before it was taken over. He is also currently chief executive of Intuitive Investments Group PLC (AIM:IIG).
Francis Keeling, who was also a non-executive director at Round Hill, has also been appointed in the same role with immediate effect. He is an experienced media and music industry professional, Hipgnosis said, currently executive vice president of business development at rights management specialist Orfium, and previously music licensing chief at Spotify.
Sylvia Coleman, senior independent director at the fund, said: "On behalf of the board, we are delighted that Robert and Francis have agreed to join Hipgnosis Songs Fund. Robert and Francis's appointments follow extensive engagement with shareholders, and their experience and knowledge working with investment companies, most notably at Round Hill Music Fund, will be invaluable to Hipgnosis as we look ahead to the next chapter."
Naylor flagged that he and the board will be conducting the strategic review and putting forward proposals for the future of the company following shareholders choosing 'no' in last month's continuation vote.
Analysts at Stifel said the appointments appeared to be "a sensible choice as it represents a mix of experience in the investment trust sector and music".
Yesterday, the fund warned there would be no dividend this year due to a need to build up cash buffers to pay bigger-than-expected bonuses to its artists.
The Stifel analysts said that announcement "likely represents an attempt to get all the bad news out of the way before these appointments and so we hope the worst is now behind us".