He is expected to take up his position on 1st February 2016, subject to regulatory approval.
He replaces Karin Forseke who stepped down in November following a battle with some of the major shareholders over the make-up of the board and management of the £2.5bn investment trust.
Smith is currently chairman of UK Green Investment Bank, Forth Ports and IMI. He has previously been chairman of The Weir Group and of SSE, and a non-executive director of Standard Bank Group.
Between 1996 and 2002 Smith was chief executive and then vice chairman of Morgan Grenfell Asset Management. Alliance Trust said this “direct knowledge of investment management was particularly attractive to the board” when considering Smith as an option.
Gregor Stewart will become deputy chairman. He joined the board in 2014 and his career has included spells at Lloyds Banking Group and Ernst & Young.
“Alliance Trust is an important business with a long and proud history in Scotland and around the world,” said Smith. “I am looking forward to getting started and playing my part in delivering the changes that are necessary to return the Trust to the levels of performance upon which it has earned its reputation and success. I am particularly pleased to be working with Gregor Stewart as my deputy chairman and Karl Sternberg as the senior independent director.’
“We very much look forward to Robert joining us as our chairman,” said Stewart. “The board has been working hard on implementing the plans announced on 1st October 2015, which include creating separate boards for our savings platform and investment management subsidiaries. The Board’s focus is on investment performance, on creating natural demand for our shares and on reducing the trust’s discount.”
