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Man Group seeks new chairman as Aisbitt plans May 2016 departure

Reuters - UK Focus

LONDON, May 8 (Reuters) - Europe's biggest listed hedge fund firm Man Group (LSE: EMG.L - news) is searching for a new chairman after announcing that Jon Aisbitt intends to step down from his role in May 2016.

A committee of the board, led by the Senior Independent Director Phillip Colebatch, will identify his successor, the company said in a statement on Friday.

Aisbitt was appointed to the board as a non-executive director in August 2003 and was appointed chairman in September 2007.

"I will leave Man Group in the hands of an experienced, dedicated management team, and with a first-class board, with whom I will continue to work over the next year to help ensure a smooth succession process," Aisbitt said.

Man Group also said that John Cryan will succeed Phillip Colebatch as chairman of the remuneration committee following Friday's annual meeting. (Reporting By Sinead Cruise, editing by Matt Scuffham)