The boardroom revolution at Dundee’s Alliance Trust has claimed its highest profile casualty after chairman Karin Forseke revealed she was stepping down after four years.
Ms Forseke, whose tenure has been marked out by a bitter battle with the trust’s single largest shareholder Elliot Advisers, will leave on January 1 and be replaced on an interim basis by non-executive director Gregor Stewart.
She said it was the “right time” to go as a new corporate governance structure for the trust was bedded in.
“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,” Ms Forseke said.
“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.”
Ms Forseke’s decision follows the most turbulent period in the trust’s 127-year history after it squared up for a fight with Elliott earlier this year.
The US hedge fund applied pressure ahead of the trust’s spring AGM with its call for improved investment performance and boardroom change.
An 11th hour truce was eventually arrived at but only after the trust, which had spent £3 million on defending its position, agreed to allow two Elliott directorial nominees to join the board.
In October, the trust unveiled the largest corporate restructure in its history including the establishment of the new independent board and a significant number of losses.
Chief executive Katherine Garrett-Cox remained in post but the changes mean she has lost her place on the board.
In addition to Ms Forseke’s departure, senior independent director Alastair Kerr is also leaving on January 1.
His duties will be assumed by Karl Sternberg, who only joined the trust’s board in September.
It will be Mr Sternberg that will lead the global search for an “external” successor to Ms Forseke.
Mr Kerr said: “I had planned to stand down in May 2016, but I feel 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%.”
Shares closed down 2.00p at 510.00 on Friday.