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Alliance Trust's chair goes as shake-up continues

Published: 08:42 27 Nov 2015 GMT

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Karin Forseke, chair, will leave at the start of next year

Alliance Trust (LON:ATST) continued its boardroom overhaul on Friday as its chairperson and senior independent director announced their resignations.

Karin Forseke, chair, will leave at the start of next year, as part of a move by the 127-year old investment trust to create a wholly independent board.

Forseke’s departure, along with senior independent director Alastair Kerr who also leaves on January 1, comes just a few months after a bitter row with US hedge fund and major shareholder Elliott Advisors.

Elliott accused Alliance of underperformance and proposed changes to the management and board structure, both things that Forseke publicly rejected.

An agreement was reached just days before shareholders were due to vote, with two of Elliott’s choices, city heavyweights Anthony Brooke and Rory MacNamara, joining Alliance’s board as non-executive directors.

“We are making good progress implementing the changes announced in October to accelerate our long-term strategy and we expect the new governance structure to be in place in early 2016,” Forseke said on Friday.

“As these changes are implemented, the chair of the Trust's role will change and as a result I believe now is the right time for me to move on.”

Gregor Stewart, a non-executive director for less than a year, will take over as interim chair.

Karl Sternberg will become senior independent director and lead the search for a new chairperson.

In October, Katherine Garrett-Cox stepped down as chief executive to become head of the fund management arm Alliance Trust Investments (ATI).

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