Alliance Trust chair Karin Forseke steps down
The chair of troubled investment vehicle Alliance Trust is stepping down at the end of this year, as part of an overhaul of the company's management structure.
Karin Forseke will step down from the board on 1 January 2016 amid a move to "create a wholly independent board". Chief executive Katherine Garrett-Cox has already left the board as part of the shake-up, which was announced back in October, which followed months of tussling with activist shareholders.
The firm said in a statement that "as this process nears completion, it is the appropriate time for her to step down".
Gregor Stewart, who has been a non-executive director of Alliance Trust since December last year, will become interim chair.
Senior independent director Alastair Kerr will also stand down, being replaced by Karl Sternberg who will lead the search for an external candidate to take up the position of chair of the Trust.
Forseke said: "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. Alongside the new non-executive only board of the Trust, excellent independent boards will be in place to oversee the development of Alliance Trust Investments and Alliance Trust Savings. 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.
Kerr added: "We have set out the strategy for Alliance Trust and I am confident that the new structure will allow it to flourish. I had planned to stand down in May 2016, but I feel that the new team should be responsible for identifying Karin's successor, and standing down at this time will ensure a smooth transition.
"I would like to thank Karin for her hard work and dedication during her time as Chair. While it has been a challenging period, the Trust has generated a total shareholder return of 51 per cent, well ahead of the MSCI All Country World Index total return of 43.4 per cent.
"The Trust has undergone significant change under her leadership and is well-placed to continue to deliver returns for all its shareholders."