Katherine Garrett-Cox is to be removed from the board of Alliance Trust and stripped of the title of chief executive of the Dundee-based company, one of Britain’s biggest and most widely-held investment trusts.
The demotion came amid a string of reforms announced today by Alliance in the wake of a shareholder rebellion in the spring led by the activist investment group Elliott Advisors.
Shares in the company rose 3 per cent to 471.5p as investors gave a cautious welcome to the revamp, which includes promises to sell legacy assets and introduce a more formal process for reducing the discount at which it trades through more buybacks.
Ms Garrett-Cox, nicknamed “Katherine the Great” and one of best-known women in the finance industry, is to be removed