Major changes to the way Dundee financial services group Alliance Trust operates have come into effect.
The West Marketgait-headquartered company confirmed that Katherine Garrett-Cox and Susan Noble had now stepped down as directors of the PLC as Lord Smith of Kelvin joined the board as its new chairman.
Ms Noble and Ms Garrett-Cox respectively become chairman and chief executive officer of Alliance Trust Investments (ATI) under the restructuring.
The company also announced that Lisa Brown, the trust’s senior commercial legal counsel will succeed Donald McPherson as company secretary following his retirement on May 31.
The changes follow a troubled period for the trust after its high profile battle early last year with Elliott Advisors, the company’s largest single shareholder.
Elliott demanded boardroom change with a view to improving investment performance, but Ms Garrett-Cox and former chairman Karin Forseke mounted a £3 million campaign of resistance.
An 11th hour truce was eventually agreed ahead of the trust’s annual meeting but the price was two Elliott-nominated directors joining the board and a promise of significant rationalisation of the business within 12 months.
In addition to the personnel changes, the trust confirmed that ATI has now replaced the company as investment manager and alternative investment fund manager with effect from February 3.
ATI has also replaced the Bank of New York Mellon, London Branch (BNYM) as administrator to the company.
Although its role is reduced, BNYM will continue to provide investment trust accounting services as a delegate of ATI.
National Westminster Bank and BNYM SA.NV, London branch remain as the firm’s depositary and custodian.
In addition to the structural changes, Alliance Trust has mounted a concerted share buy back campaign recently and cancelled millions of pounds of stock.
The latest transaction, valued at £964,600, took place yesterday.