(Alliance News) - Downing Strategic Micro-Cap Investment Trust PLC said Monday that Robert Legget, formerly of Progressive Value Management Ltd, will replace retiring Stephen Yapp as a non-executive director and audit committee chair.
Legget joins as a non-executive with immediate effect but will only begin work as the audit committee chair on September 1, after August's annual general meeting.
He co-founded Progressive, the investment firm which is focused on creating value from illiquid holdings in under-performing companies in 2000 and is currently its chair.
He was also formerly director of merchant bank Quayle Munro Holdings PLC and investment trust BMO Private Equity Trust PLC, Downing Strategic said.
Chair Hugo Aldous said: "I am very pleased to welcome Robert to the Board of Downing Strategic. Robert's experience in financial services and in creating value for shareholders nicely complements the skills of the continuing directors after Stephen steps down."
It was initially announced in June that Yapp would retire from the board once his successor was identified.
Shares in Downing Strategic were down 2.5% at 61.90 pence each in London on Monday afternoon.
Downing Strate. (DSM)