Polar Capital Regulatory News (POLR)

3 Nov 2009 07:00



3 November 2009

Polar Capital Holdings plc

Board Change

Polar Capital Holdings plc ("Polar Capital" or the "Company") announces that Mark Kary has notified the Board of his desire to resign as Chief Executive of the Company to pursue alternative career interests. Mark will step down as Chief Executive with immediate effect although he will remain with the Company until 31st December to assist in an orderly transfer of his responsibilities. His departure follows a period of strong recovery in Polar Capital's business and is entirely amicable. 

Tim Woolley, currently Executive Director, and one of the two original founders of the business will take over as Chief Executive. Tim, 51, has extensive experience in the fund management industry. He had a very successful career in technology fund management at Prolific and then at Henderson where, with Brian Ashford-Russell, he built a highly regarded global technology franchise. Tim and Brian left Henderson in 2001 when, with the assistance of Caledonia Investments plc they founded Polar Capital.  

Tom Bartlam, Chairman of Polar Capital, said: "Mark joined the Company in 2005 and has made a most valuable contribution to its development during his time with the Company. On behalf of the Board, I would like to thank Mark for his great personal commitment to the Company and to wish him well for the future."

"I am pleased to announce that Tim Woolley is taking over the position of Chief Executive. Tim is exceptionally well placed to undertake the role; since establishing the Company in 2001 he has been actively involved in the successful management of the business and has a great track record in the industry. He has the complete support of all fund managers and other stakeholders in the Company."

Mark Kary commented: "I have enjoyed my four and a half years at Polar Capital. We have together built a professional organisation that continues to be recognised for its investment pedigree. I leave the firm in good shape and feel confident of its continued future success."

Tim Woolley said: "I am excited by the opportunity before us. We are well placed to benefit from our core investment and platform strengths and to maintain and build upon the encouraging momentum of the last six months." 

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