Alliance Trust chairman Karin Forseke is quitting her job as chairman of the financial service giant on January 1, it was announced yesterday.
The Dundee-based group, which has been looking after people’s cash since 1888, said non-executive director Gregor Stewart was taking over as interim chairman.
Senior independent director Alastair Kerr will also stand down on January 1, with fund management veteran Karl Sternberg taking over that role and leading the search for a suitable external candidate to become permanent chairman.
Alliance’s boardroom shake-up is part of moves aimed at creating a “wholly independent” senior management team.
Plans unveiled by Ms Forseke just last month were intended to “position the company better to deliver consistent out-performance in a cost-effective manner.”
The firm’s chief executive, Katherine Garrett-Cox, has also been demoted from the main board as part of an overhaul of the business prompted by activist shareholders.
Other changes included chief financial officer Alan Trotter quitting the group in order to “continue his career in a publicly-listed company elsewhere”, and new independent boards for subsidiaries Alliance Trust Investments and Alliance Trust Savings.
Reducing costs was a key element of the restructuring, with a £6million savings target laid down for the coming year.
Job losses were expected among a workforce numbering more than 270 people in 2014, but it was understood these were likely to be in the tens rather than hundreds.
Announcing her departure yesterday, Ms Forseke said: “We are making good progress implementing the changes announced in October to accelerate our long-term strategy and we expect the new governance structure to be in place in early 2016.
“Alongside the new non-executive only board of the trust, excellent independent boards will be in place to oversee the development of Alliance Trust Investments and Alliance Trust Savings.
“As these changes are implemented the chair of the trust’s role will change, and as a result I believe now is the right time for me to move on.
“I feel privileged to have served this exceptional company over the past four years.”
Mr Kerr said: “We have set out the strategy for Alliance Trust and I am confident that the new structure will allow it to flourish.
“I had planned to stand down in May 2016, but I feel that the new team should be responsible for identifying Karin’s successor and standing down at this time will ensure a smooth transition.”
Alliance, which had more than £3.3billion in gross assets in 2014, has operations in Dundee, Edinburgh and London.