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Garrett-Cox steps down as CEO of Alliance Trust in board shakeup

Thu, 01st Oct 2015 08:56

(ShareCast News) - Katherine Garrett-Cox has stepped down as chief executive Alliance Trust as part of a broader board shakeup after a battle with shareholder activist fund Elliott Advisors, the company said on Thursday. Garrett-Cox will step down from the board of Alliance Trust but continue as chief executive and a director of its fund management arm Alliance Trust Investments (ATI). Chief finance officer Alan Trotter is also quitting his job at the FTSE 250 firm. The current main board will be reorganised to be made up of non-executive directors, while a second board will be established for ATI, which will include independent non-executive directors.The changes come after US hedge fund Elliott argued that Alliance Trust's performance has been poor and had campaigned for changes to the board. The parties reached a truce in April when the company agreed to appoint two of the three candidates Elliott had put forward for positions on the board.The new board structure has been set up to "ensure necessary separation of shareholder and investment manager interests", the company said."This revised governance structure provides the board with greater clarity and flexibility in managing these two investments," the company said.Alliance Trust chair Karin Forseke said many shareholders indicated that they sought change."We have carefully considered the feedback we received and this is reflected in this announcement. They will provide our shareholders with an investment trust which aims to outperform a clear benchmark from a cost base which is among the lowest in the sector," she said.Alliance said it would now focus on global equities and dispose of non-core investments. It added that ATI would be awarded an investment mandate of 35bps on average net asset value, which it claimed to be "one of the lowest in the industry".It was also to use the MSCI All Country World Index (MSCI ACWI) as a formal benchmark, setting a clear measure against which to assess the Trust's performance.Cost reduction targets were also set, with an ongoing charges ratio of 45bps or less by the end of 2016 (against 60bps in 2014) and savings of £6m for 2016.The changes we be implemented by the beginning of March 2016, Alliance said.

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27 Nov 2015 08:07

UPDATE 1-Alliance Trust chairwoman Karin Forseke resigns

(Adds more details, background) LONDON, Nov 27 (Reuters) - Karin Forseke, chairwoman of embattled British investment firm Alliance Trust, said on Friday she was stepping down from her role on January 1, as the company implements a major overhaul following pressure from activist investor Ell

27 Nov 2015 07:21

Forseke to step down as Alliance Trust chair

LONDON, Nov 27 (Reuters) - Karin Forseke, chairwoman of embattled investment firm Alliance Trust, said on Friday she was stepping down from her role on January 1, as the company implements a major overhaul following pressure from activist investor Elliott Advisors. It follows an announcemen

27 Nov 2015 07:20

Alliance Trust Says Forseke To Step Down As Chair In Governance Changes

1 Oct 2015 15:50

UPDATE 3-Alliance Trust CEO steps down from board as Elliott forces overhaul

* Garrett-Cox will remain CEO of Alliance Trust Investments * Group to focus on global equities, sell non-core assets * Trust may consider external managers if performance lags (Adds comment from chair, detail, updates share price) By Nishant Kumar and Matt Scuffham LOND

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Alliance Trust says Garrett-Cox to step down from group's board

LONDON, Oct 1 (Reuters) - Alliance Trust Plc said its Chief Executive Katherine Garrett-Cox would step down from the board of Alliance Trust Plc but continue as chief executive of Alliance Trust Investments. Garrett-Cox has been under pressure to address the trust's underperformance and the

1 Oct 2015 07:19

Alliance Trust Outlines Sweeping Changes To Boost Performance

24 Sep 2015 07:36

Alliance Trust appoints two new non-exec directors

(ShareCast News) - Asset manager Alliance Trust said Chris Samuel and Karl Sternberg have been appointed non-executive directors of the company and will join the board with immediate effect, following consultation with its largest shareholders. Samuel was chief executive of Ignis Asset Management

24 Sep 2015 06:32

MOVES-Alliance Trust appoints non-executive directors after shareholder talks

LONDON, Sept 24 (Reuters) - Alliance Trust said on Thursday it had appointed Chris Samuel and Karl Sternberg as non-executive directors following consultation with its largest shareholders, which include activist fund Elliott Advisors. Alliance Trust agreed to revamp its board earlier this

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