Alliance Trust announces Chris Samuel and Karl Sternberg as latest director appointments

The pair will join the firm’s board with immediate effect, with both appointments made following consultation with the firm’s largest shareholders, some of whom led a sustained insurrection against the current board prior to this year’s annual meeting.

Alliance Trust’s largest investor Elliott Investors, forced through the appointment of two of its choices for non-executive directors as a result of the stand-off, which cost Alliance Trust £3m.

Elliott had wanted to place three new directors on the board but a compromise was reach at two in exchange for a ceasefire which was called in April ahead of the AGM.

The agreement saw the Trust appoint former SG Warburg executive Anthony Brooke and former Morgan Grenfell corporate financier Rory Macnamara.

Of the latest additions, Samuel comes following his latest role as chief executive of Ignis Asset Management from 2009 which he left after its recent sale to Standard Life Investments. He was previously chief operating officer at Gartmore and Hill Samuel and was a partner at Cambridge Place Investment Management.

Sternberg, meanwhile, was a founding partner of Oxford Investment Partners where he worked from 2006 - 2013. Prior to that, he was at Deutsche Asset Management, latterly as global head of equities and chief investment officer for Europe and Asia Pacific.

The Trust also announced that two of its current directors, John Hylands, who joined the board seven years ago, and Alastair Kerr, the senior independent director, who joined the board three years ago, have indicated that they will retire from the Board at the Company’s AGM in May 2016.

Following this, it is intended that Sternberg will become senior independent director of the company.

Today’s announcements mean that, effective from the firm’s next AGM in 2016, five of the firm’s nine serving board directors will have been appointed since 2014.

Karin Forseke, Chair of Alliance Trust, said: “I am delighted that Chris and Karl are joining the Board as they both bring extensive knowledge of the industry from their careers in the investment and asset management sector. Investment is at the heart of Alliance Trust and is the key to our future success and I believe their skills and expertise are the ideal complement to an already strong Board.

“These appointments follow extensive consultation with our major shareholders. We remain fully committed to delivering measures that will address the feedback we have received from our shareholders.

“I would like to thank both Alastair and John for their substantial contributions to the development of Alliance Trust over a period during which we have delivered strong and consistent returns for our shareholders while also continuing to develop our investment and savings business. Both will leave the Board with my heartfelt thanks for their guidance and support during their time as directors.”