Swiss asset manager GAM has elected a new board of directors following an EGM held yesterday (27 September).
All candidates nominated by investor group Rock Investments, via NewGAMe, have been approved as directors.
The changes see GAM chief executive Peter Sanderson replaced by the investor group’s choice, current chief risk officer Elmar Zumbuehl.
He was announced as Rock’s preferred candidate for CEO yesterday, replacing Randel Freeman, who withdrew due to unforeseen family circumstances.
The appointments include Bruellan’s Antoine Spillmann as board chair, and Carlos Esteve, Anthony Maarek, Fabien Pictet and Mr. Jeremy Smouha as directors.
They will hold the post until an AGM in 2024.
Meanwhile, shareholders narrowly rejected the investor group’s proposals to create conditional capital for financing purposes and to increase the capital range.
However, the board noted that Rock remains committed to provide a mix of short and long-term funding up to CHF100m (£89.3m) as announced earlier this week (26 September).
The investor group has already provided short-term financing of up to CHF20m (£17.9m) to cover GAM’s liquidity needs.