LONDON, June 20 (Reuters) - Electra Private Equity,which has been the focus of a campaign by activist investorEdward Bramson, said on Monday that board members Kate Barkerand Francesca Barnes were resigning with immediate effect.
The resignations follow the appointments within the last twomonths of Neil Johnson as non-executive chairman and Bramson asinterim chief executive.
Bramson, whose Sherborne Investors investmentvehicle is the biggest shareholder in Electra, fought a long andbitter campaign to join Electra's board as part of a plan tooverhaul one of Britain's oldest private equity firms.
He won that battle in late November by getting a seat on theboard, which opened the way for a root-and-branch review ofElectra's operations.
Bramson has criticised Electra for a lack of openness andhas said there is more value to be found in the company'sportfolio, which includes the restaurant chain TGI Fridays inBritain.
Former Bank of England Monetary Policy Committee memberBarker, who was chairman of Electra's remuneration andnomination committee and senior independent director, had beeninterim chairman of the company until Johnson's appointment.
Barnes, former global head of private equity at UBS, was chairman of Electra's valuation committee.
Electra has hired a search firm to find two additionalindependent non-executive directors, one of whom will take therole of senior independent director, the firm said in astatement.
Josyane Gold also stood down as non-executive directorearlier this month, while the firm has hired David Lis, formerchief executive officer at Aviva Investors, and Paul Goodson,former managing director of Barclays Private Equity, asnon-executive directors.
Electra also served notice on its investment manager ElectraPartners last month, as part of its review.
