Geoffrey Cullinan has resigned from the Electra board as Edward Bramson extends his influence over the private equity trust.
Mr Bramson, activist investor and a partner at Sherborne Investors, was appointed to the board on November 5 after a sustained campaign in which he was critical of other board members.
His appointment at the trust’s annual general meeting resulted in the resignation of then chairman, Roger Yates.
Mr Cullinan, a critic of Mr Bramson’s campaign, has now resigned as a director on the board.
Sherborne Partners has a 30 per cent stake in Electra and had campaigned against the board by suggesting it was underperforming. Ian Brindle, a former colleague of Mr Bramson, was also appointed to the board on November 5.
In other changes, Mr Bramson has been appointed as chairman of the management committee and Francesca Barnes has been appointed as chairman of the valuations committee.
Roger Perkin, currently chairman of the audit committee, has also been appointed chairman of the remuneration and nomination committee.
The board will also appoint two additional non-executive directors in due course.
Kate Barker, board chairman, thanked Mr Cullinan for his work over the last five years.
She said: “We have greatly benefited from his considerable experience of private equity.”
