LONDON (Alliance News) - Katherine Garrett-Cox, the former chief executive of Alliance Trust PLC, has been deemed surplus to requirements at the group's investments arm.
Alliance Trust said Monday that Garrett-Cox will step down from her role as the chief executive of its investments arm on March 11, with her responsibilities to be reassigned.
Her departure comes after she was forced to step down from the board and relinquish her leadership of the group in October 2015, following a bruising battle with activist shareholder Elliott Advisors.
Elliott's campaign has seen Alliance Trust pledge to improve performance and governance, with the the group slashing its exposure to fixed income, selling its last remaining commercial property, and disposing of its mineral rights portfolio.
"Alliance Trust is now moving swiftly to implement the changes announced last year which are designed to enhance shareholder returns. This process is well underway and it is clear to us all that the role of chief executive of Alliance Trust Investments has changed significantly. I and the rest of the board wish Katherine every success in the future," Lord Smith of Kelvin, chairman of Alliance Trust, said.
Garrett-Cox said she was proud of what was achieved in her nine years at Alliance Trust. "It has been an honour to have had the opportunity to represent and protect the long-term interests of so many shareholders and to have been a guardian of the trust's historic purpose of investing for generations. I leave Alliance Trust Investments with a strong team who are already delivering improved investment returns and driving down costs," she said.
The executive was paid GBP1.4 million in 2015, with compensation for loss of office to be paid "in line" with the group's remuneration policy and her contract.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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