Former Odey Asset Management chief executive David Stewart is to become chair of Hermes Investment Management this April.
Mr Stewart, who joined Hermes as a non-executive director in April 2015 after nine years at Odey, will replace Paul Spencer, who will stand down after five years in the role.
Mr Spencer will remain as chairman of the trustee of BT Pension Scheme (BTPS). The scheme is the parent organisation of Hermes.
Hermes chief executive Saker Nusseibeh said: “Paul Spencer has been a tremendous chair and great support to all of us in the business. During his tenure, we have seen Hermes evolve into a fully fledged asset manager, with third party assets increasing from £1.8bn to £9.2bn.”
He added: “Since joining the board as chair of the risk and compliance committee, David has quickly established himself as an insightful and trusted advisor. His advice and counsel will be greatly beneficial as we take Hermes through the next stage of its growth.”