Katherine Garrett-Cox to step down from Alliance Trust

http://www.bbc.co.uk/news/business-35580140

Version 0 of 1.

Katherine Garrett-Cox, one of the most high-profile women in the investment industry, is leaving Alliance Trust as part of sweeping changes at the FTSE 250 company.

Ms Garrett-Cox will leave in March following a battle with shareholder Elliott Advisors over strategy.

She was appointed as chief executive of Alliance Trust in 2008.

Last year, Ms Garrett-Cox stepped down from the board but continued to lead its fund management arm.

Once dubbed "Katherine the Great" following a career in the City, Ms Garrett-Cox had engaged in a long-running battle with Elliott Advisors over the performance of the Dundee-based investment trust, as well as pay rewards to the chief executive and the then chairwoman Karin Forseke.

Ms Garrett-Cox was paid a total of £1.3m for 2014, the most recent available figure.

Consequently, two new non-executive directors, Chris Samuel and Karl Sternberg, were added to the board to increase oversight of the management.

Lord Smith of Kelvin, the chairman of Alliance Trust, who replaced Ms Forseke in January, 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 under way 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."