EWIT confirms new chair after boardroom coup

(Sharecast News) - Edinburgh Worldwide Investment Trust confirmed its new board on Friday, a week after the previous incumbents were ousted.

In a brief update, EWIT said Gabriel Gliksberg had been appointed chair, while Jassen Trenkow and Michael Joseph will sit on the audit and management engagement committee. Trenkow will chair the audit and management engagement committee, while Joseph will head up the nomination committee.

EWIT confirmed there would be no dedicated remuneration committee, however. "The board as a whole will continue to perform the functions which would otherwise be performed by a separate remuneration committee," it noted.

A recruitment consultancy has been appointed to help make further appointments, including the senior independent director.

Activist investor Saba Capital finally succeeded in ousting the trust's directors last week, following a sustained campaign. Resolutions to re-elect the board and then chair, Jonathan Simpson-Dent, failed to pass at the annual general meeting and all six directors stepped down.

The New York-based hedge fund, which was founded by Boaz Weinstein, is EWIT's biggest shareholder with a 29% stake.

EWIT - which holds a significant interest in SpaceX - also confirmed on Friday that Deutsche Numis was continuing as the company's appointed corporate broker and Baillie Gifford as its investment manager.

As at 1030 BST, shares in the trust were largely unchanged at 246.57p.

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Edinburgh Worldwide Investment Trust