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Alliance Trust says Garrett-Cox to step down from group's board

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 1 (Reuters) - Alliance Trust Plc said its Chief Executive Katherine Garrett-Cox would step down from the board of Alliance Trust Plc but continue as chief executive of Alliance Trust Investments.

Garrett-Cox has been under pressure to address the trust's underperformance and the gap between its share price and the value of the assets it holds, a long pending demand by investors that has led to three shareholder revolts since 2011.

"I would like to thank Katherine for her contribution to the board over the past eight years and I am confident that under her leadership ATI will create significant value for our shareholders," said Karin Forseke, chair of Alliance Trust Plc.

(Reporting by Matt Scuffham; Editing by Steve Slater)