This is the latest twist in a long running saga at the top of Alliance Trust. Under pressure from major shareholders the trust announced on 1 October that it would implement a number of significant changes in order to boost performance.
A reorganisation of its governance structure to create ‘a wholly independent board’ has been deemed necessary and Forseke stepping down is now set to be a part of that process.
Gregor Stewart, who has been a non-executive director 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, will also stand down on 1 January. Karl Sternberg will then assume the role and will lead the search for an external candidate to take up the position of Chair.
“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,” said Forseke. “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,” she added.
“We have set out the strategy for Alliance Trust and I am confident that the new structure will allow it to flourish,” said Kerr. 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.”
