Lord Smith of Kelvin to be new chairman of Alliance Trust
ByGraham Huband
Glasgow 2014 chairman Lord Smith of Kelvin and cyclist Jenny Davis outside the Sir Chris Hoy Velodrome in the east end of Glasgow to mark three year countdown to the Commonwealth Games in Glasgow.
Alliance Trust has moved to appoint Lord Smith of Kelvin as its new chairman.
The veteran businessman has previously chaired Perth-based utility SSE and Glasgow industrial giant Weir but is best known for his role leading the Smith Commission, the body that made recommendations for new devolved powers for the Scottish Parliament in the wake of the independence referendum in 2014.
The 71-year-old’s new role, which he is expected to take up on February 1, will see him return to the financial services sector where he cut his early career teeth.
He replaces Karin Forseke, who stepped down from the role late last year. Gregor Stewart took on the job on an interim basis and will be deputy chairman under the new structure.
The move follows one of the most turbulent years in the Alliance Trust’s history after it became embroiled in a public battle with its single largest shareholder Elliott Advisors.
The company has since announced a major corporate restructuring which includes cutting a number of jobs in Dundee and at its offices in London.
Lord Smith of Kelvin to be new chairman of Alliance Trust
