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(Alliance News) - Caledonia Investments PLC on Tuesday said that Chief Executive Will Wyatt will retire from his role following the company's annual general meeting in July next year.
Wyatt will be replaced by Mathew Masters, who is currently head of Caledonia Quoted Equity. Masters will join the board as chief executive designate on April 1. Wyatt has been invited to continue at the company in a non-executive director.
The London-based investment trust hired Matt Masters from auditor Grant Thornton in 2005, initially as an investment executive. He was appointed as head of the Capital portfolio in 2010, before taking on responsibility for Income strategy in 2019 when he was promoted to head of Quoted Equity.
In addition, Caledonia announced the appointment of Lynn Fordham as a non-executive director. Fordham is already a non-executive of Domino's Pizza Group PLC and was previously chief executive of SVG Capital.
In a separate release, the trust said it had net assets of GBP2.54 billion on September 30, up 14% from GBP2.23 billion six months before. The net asset value per share in the same period rose 15% to 4,592 pence from 4,000p on March 31. The first half NAV total return was 16%, compared to 26% in year to March 31.
"The portfolio has continued to perform well during the first half of the year, delivering against our aims and extending our healthy long-term performance track record. All three investment pools have generated strong positive returns with the underlying companies and funds showing good levels of growth as the world economy continues to recover from the Covid-19 pandemic," commented Wyatt.
Caledonia declared an interim dividend of 17.5p, up 2.9% from 17.0p in March.
Shares in Caledonia Investments were down 1.1% at 3,750.00 pence in London on Tuesday morning.
By Will Paige; willpaige@alliancenews.com
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