Templeton Emerging Markets Share News (TEM)

Shares in Templeton Emerging Markets Investment Trust declined on Friday after the company announced the resignation of its chairman.Peter Smith, who was appointed a director of TEMIT back in 2004 and became chairman in 2007, will step down later this year.Prudential chairman Paul Manduca, who also served as chief executive of fund managements groups such as Threadneedle Asset Management, Rothschild Asset Management and Deutsche Asset Management Europe, has been named as his replacement.Manteca has been appointed as a non-executive director with effect from 1 August and will take over from Smith when he leaves."After serving on the TEMIT Board for 11 years, eight of which as chairman, I have made the decision to step down from the board later this year," Smith said in a statement."I am delighted to announce that Paul Manduca will be taking over from me as chairman in due course."The stock was down 1% at 515.4p by 10:19.