Chief executive of Alliance Trust, Katherine Garrett-Cox, is to leave the firm in a decision that was described as “mutually agreed”.
Garrett-Cox was involved in a drawn out battle with activist investor Elliot Advisors over the latter’s desire to introduce new board members last year.
Both Garrett-Cox and chairman Karen Forseke (who stepped down last November) resisted the introduction of three non-executive board directors claiming it would “threaten the very existence of the company” but ultimately lost out to the US hedge fund’s demands.
In a statement, Garrett-Cox said: “I leave Alliance Trust Investments with a strong team who are already delivering improved investment returns and driving down costs.”
Alliance Trust had been subject to much criticism regarding performance before Elliot Advisors, which owns a 14% stake in the company, launched its offensive to make changes to the board. Garrett-Cox will leave the firm on March 11.
©2016 funds europe
