Katherine Garrett-Cox, is to step down as chief executive of Alliance Trust Investments (ATI), a subsidiary of Alliance Trust (ATST), following mutual agreement with its board. It follows her demotion as chief executive and board member of Alliance Trust in October, and a series of changes including cost cuts, a new benchmark and a single discount target following pressure from activist shareholder Elliott Associates.
The chief executive responsibilities will be reassigned with head of investment Peter Michaelis and his team leading this area and continuing to manage Alliance Trust Investments' £5bn assets under management. Dr Michaelis joined ATI in 2012.
Ramsay Urquhart will assume operational responsibilities.