Companies  

Henderson chair quits for chairman role at Royal London

Rupert Pennant-Rae, chairman of Henderson Group, will stand down from the board at the annual general meeting in May 2013 following his appointment at the Royal London Group board as non-executive director and chairman designate.

Mr Pennant-Rae has been a director at Henderson for almost nine years. The fund manager said that a “comprehensive search” for his successor is underway.

Mr Pennant-Rea is currently the chairman of The Economist Group. He is also a director of Go-Ahead Group plc, Gold Fields Limited (South Africa) and Hochschild Mining plc.

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Mr Pennant-Rea said: “The company has come a long way since it demerged from AMP and relisted, and has made two successful acquisitions in recent years. I am leaving the company and the board in good shape.’’

In addition, the company has also announced a change in its tax residency from the Republic of Ireland to the UK by means of a corporate restructuring.

It said that the UK government’s controlled foreign company reform means the group’s tax position and effective tax rate are unaffected by now having a UK resident parent company. The change of residency is effective immediately.

With all strategic decision making now residing in the UK, the board has decided to reduce the number of executive directors on the board and therefore David Jacob and James Darkins have stepped down with effect from 12 December 2012.

The group also announced the appointment of Ms Jacqui Irvine as company secretary with effect from 12 December 2012, replacing Ms Fionnuala Hanrahan.