Alliance Trust Investments (ATI) chief executive Katherine Garrett-Cox will leave the company in March as a management overhaul continues.
Ms Garrett-Cox became chief executive of ATI at the end of 2015 after stepping down from the board of parent firm Alliance Trust.
The move followed a sustained campaign from investor Elliot Advisors for the implementation of a fully independent board.
However, after what the trust said were “discussions on the future requirement for its chief executive role within ATI”, Ms Garrett-Cox has agreed to step down by mutual consent.
Her role will be reassigned with investment responsibilities handed over to Peter Michaelis, who joined ATI in 2012 and currently manages the trust’s equity investments. Operational responsibilities will be handed to Ramsay Urquhart, managing director of ATI.
The departure, which follows that of chair Karin Forseke late last year, means the company is “now largely unencumbered by legacy issues, leaving it better placed to make strategic changes”, according to broker Numis.
Ms Garrett-Cox will step down on March 11 after nine years with the company.
Lord Smith of Kelvin, chairman of Alliance Trust, said: “Alliance Trust is now moving swiftly to implement the changes announced last year which are designed to enhance shareholder returns.
“This process is well underway and it is clear to us all that the role of chief executive of Alliance Trust Investments has changed significantly. I and the rest of the board wish Katherine every success in the future.”
Chair of Alliance Trust Investments, Susan Noble, added: “Katherine led the establishment of Alliance Trust Investments. She leaves with the business in its best position for many years, evidenced by improving investment performance, a healthy level of funds managed for both Alliance Trust and third parties and the increasing opportunities for Alliance Trust Savings.”
