KATHERINE Garrett-Cox, one of the highest-profile figures in Scotland’s financial sector, is to step down from the board of Alliance Trust but remain at the helm of the Dundee-based institution as part of a shake-up.
Ms Garrett-Cox will be chief executive of the Alliance Trust Investments subsidiary.
The shake-up follows intense shareholder pressure for change at Alliance Trust.
In a letter to shareholders, Karin Forseke, who chairs Alliance Trust, claimed that the measures “represent some of the biggest changes in our history and are designed to further improve shareholder value”.
Ms Forseke said: “At our interim results in July, I acknowledged that the first half of 2015 had been a particularly challenging period for Alliance Trust.
“In the run-up to our AGM (annual general meeting), many of our shareholders indicated that they sought change. We have carefully considered the feedback we received, and this is reflected in the changes we have announced today.”
Setting out the changes, she added: “The board of Alliance Trust PLC will be reorganised to become fully independent, comprising solely non-executive
directors.
“Katherine Garrett-Cox will continue as chief executive officer… and will step down from the board of Alliance Trust PLC.”
Ms Forseke said that, having completed the work associated with the changes announced today, chief financial officer Alan Trotter had decided to “leave Alliance Trust to seek to continue his career in a publicly-listed company elsewhere”.
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