F&C’s activist shareholder chairman swiftly exits

Edward Bramson, former chairman of F&C Asset Management, has stepped down from the company’s board with immediate effect.

Mr Bramson, who was an activist shareholder at Sherborne Investors LLC and led an eight-week battle against predecessor Nick MacAndrew to win the chairman role, was in the post for two-and-a-half years.

Mr Bramson, who got the role after slamming F&C’s “flawed” strategy, will be replaced by Kieran Poynter.

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Mr Poynter joined the board as an independent non-executive director in June 2009 and was formerly chairman of the audit and compliance committee and a member of the nomination, remuneration and risk committees.

As a result of the changes the board has appointed Keith Percy to the audit and compliance committee and both Keith Percy and Keith Jones to the nomination committee.

In an announcement to the stock exchange, F&C gave no details about the reason behind Mr Bramson’s sudden exit.

However last month, Mr Bramson announced to the stock exchange that there had been a jump in profits at F&C and the moves to cut costs he introduced were “substantially completed.”