LONDON, Nov 27 (Reuters) - Karin Forseke, chairwoman of embattled investment firm Alliance Trust, said on Friday she was stepping down from her role on January 1, as the company implements a major overhaul following pressure from activist investor Elliott Advisors.
It follows an announcement in October that the Trust would implement “significant changes” to deliver better performance.
“We are making good progress implementing changes announced in October to accelerate our long-term strategy and we expect the new governance structure to be in place in early 2016,” Forseke said in a statement.
Katherine Garrett-Cox, chief executive of the trust, and one of the City of London’s most high profile female CEOs, said last month she was resigning her position on the trust’s board to focus on tackling the firm’s underperformance, in the aftermath of the bitter spat with its top shareholder Elliott.
Reporting by Huw Jones, editing by Sinead Cruise