Alliance Trust chairwoman Karin Forseke to leave board

Karin Forseke will step down on 1 January 2016

Alliance Trust chairwoman Karin Forseke is to step down from the board.

The role of interim chairman will fall to Gregor Stewart, who has been a non-executive director of the trust since December 2014.

Karin Forseke said she believed this is now "the right time to move on" and thanked shareholders for their support over her four years in the post.

The trust had been facing demands for a change in governance from US-based activist investor Elliott Advisers.

It announced in October that it intended to cut costs by £6m while restructuring its board to become fully independent.

The Dundee-based company said shareholders had wanted changes to be made to improve performance.

At that time it confirmed chief financial officer Alan Trotter was to leave Alliance Trust, while chief executive Katherine Garrett-Cox would step down from the board.

'Good progress'

Following the announcement, Ms Forseke said: "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.

"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."

Senior independent director Alastair Kerr, who is to stand down from the board as it begins the process of appointing a new chairperson, said: "We have set out the strategy for Alliance Trust and I am confident that the new structure will allow it to flourish.

"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."

He added: "I would like to thank Karin for her hard work and dedication during her time as chair."