Lord Smith of Kelvin

Lord Smith, who has led the board since 2016, has been succeeded by deputy chairman Gregor Stewart, whose post will be left vacant.

During Lord Smith’s tenure, Alliance Trust sold its in-house investment management business, Alliance Trust Investments; appointed Willis Towers Watson to manage its portfolio; sold its investment platform, Alliance Trust Savings; and disposed of the vast majority of its mineral rights and private equity investments.

Commenting on the change, Lord Smith said: “I feel very privileged to have served as chairman of Alliance Trust which has a long and proud history and would like to thank all its stakeholders for their support during my tenure as chairman.

“As we have now completed the simplification of the Trust, I am pleased to be able to hand over to Gregor. Like all on the Board, he has played a leading role in the changes implemented by the Board during the past three and a half eventful years. These changes have put the Trust in a strong position to deliver attractive returns to shareholders for generations to come.”

Mr Stewart added: “Together with my colleagues, I would like to thank Robert for his hard work and dedication during his time as chair and for guiding the Trust during this period of major change. I am delighted to take up the role of chairman. I will do my very best to look to ensure that we continue to deliver value for our shareholders.”