Man Group confirmed today that its chair is to step down, making way for the ex-boss of Deutsche Bank as part of the latest boardroom shake-up inside the world’s largest listed hedge fund.
Former BT boss Lord Livingston of Parkhead is to resign as chair of the FTSE 250 firm at the end of this year, leaving just three years after taking on the role.
Ex-Deutsche Bank chief executive and independent non-executive director John Cryan is to take on the role of chair from the beginning of next year.
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Last week the firm said that president Jonathan Sorrell, son of Martin Sorrell and a former Goldman Sachs executive, had stepped down from the board.
Sources told Sky News that Sorrell was moving to a senior role elsewhere in the asset management sector.
Earlier this month The Times reported that Livingston could be heading for the exit in the wake of tensions with chief executive Luke Ellis.
Richard Berliand, the senior independent director responsible for leading the planned succession process, said: “John has deep financial and regulatory experience gained at leading organisations and is the right cultural fit to chair the Board. He has strong credibility both within the business and with all our key stakeholders. He is therefore the unanimous choice of the Committee and the Board.”
Lord Livingston added: “Deciding to step down from Man after almost four years on the Board was a personal decision and the right timing for the Company. New governance rules mean there is a nine year limit on Board tenure and I felt it was important to allow John sufficient time in the role. The Company is in a strong place and I wish the Board, Luke, Mark and Man Group all the best for the future.”
Luke Ellis, Man Group chief executive said that “Ian will remain a friend of the firm and, on behalf of everyone at Man Group, I wish him well in his future endeavours both in the corporate world and in the House of Lords.”