Alliance Trust PLC Alliance Trust Plc : Directorate Change
November 27 2015 - 1:00AM
UK Regulatory
TIDMATST
Alliance Trust PLC
27 November 2015
Directorate Change
Alliance Trust PLC (the "Trust") today announces that Karin Forseke,
Chair, will step down from the Board of the Trust on 1 January 2016.
The Trust announced on 1 October 2015 that it would implement a number
of significant changes intended to position the Company better to
deliver consistent outperformance in a cost-effective manner. As part of
these changes, the Company is reorganising its governance structure to
create a wholly independent Board and Karin believes that, as this
process nears completion, it is the appropriate time for her to step
down.
Gregor Stewart, who has been a Non-Executive Director of Alliance Trust
PLC since December 2014, will assume the role of interim Chair.
As the Board has started the process of appointing a new Chair, Alastair
Kerr, Senior Independent Director (SID), will now stand down from the
Board on 1 January 2016. Karl Sternberg will then assume the role of
Senior Independent Director from 1 January 2016 and will lead the search
for an external candidate to take up the position of Chair of the Trust.
Karin Forseke commented:
"We are making good progress implementing the changes announced in
October to accelerate our long-term strategy and we expect the new
governance structure to be in place in early 2016. Alongside the new
non-executive only board of the Trust, excellent independent boards will
be in place to oversee the development of Alliance Trust Investments and
Alliance Trust Savings. As these changes are implemented, the Chair of
the Trust's role will change and as a result I believe now is the right
time for me to move on.
I feel privileged to have served this exceptional company over the past
four years. The Trust's focus on customers and commitment to
sustainability in all parts of its business permeates the whole
organisation and is at the heart of its strong values and culture. I
also want to thank all our stakeholders for their support over the past
four years and, in particular, the executive and employees of Alliance
Trust who demonstrate the Trust's values on a daily basis through their
commitment and determination."
Alastair Kerr commented:
"We have set out the strategy for Alliance Trust and I am confident that
the new structure will allow it to flourish. I had planned to stand down
in May 2016, but I feel that the new team should be responsible for
identifying Karin's successor, and standing down at this time will
ensure a smooth transition.
I would like to thank Karin for her hard work and dedication during her
time as Chair. While it has been a challenging period, the Trust has
generated a total shareholder return of 51%, well ahead of the MSCI All
Country World Index total return of 43.4%. The Trust has undergone
significant change under her leadership and is well-placed to continue
to deliver returns for all its shareholders."
Enquiries
Evan Bruce-Gardyne
Head of Investor Relations,
Alliance Trust PLC
Tel: +44 (0)1382 321169
Email: investor@alliancetrust.co.uk
Web: www.alliancetrust.co.uk
Conor McClafferty / Michael Turner
Finsbury
Tel: +44 (0)20 7251 3801
Email: alliancetrust@finsbury.com
Web: www.finsbury.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Alliance Trust PLC via Globenewswire
HUG#1969722
http://www.alliancetrusts.com
(END) Dow Jones Newswires
November 27, 2015 02:00 ET (07:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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