Edward Bramson has stood down as chairman of F&C Asset Management with immediate effect, to be replaced by Kieran Poynter.
Bramson, founder of activist investor Sherborne Investors, became head of F&C’s board in 2011 following a coup of the company and has since brought in a raft of measures to turn the firm around.
Sherborne said earlier this month that it intends to distribute its shares in F&C to its own investors. The firm’s Sherborne Investors (Guernsey) A listed turnaround vehicle holds a 19 per cent stake in F&C.
The share distribution move and Bramson’s decision to step down from the board suggest the turnaround is deemed to have been successful. This effort involved a £50m cost-cutting drive, designed to improve profits.
In March Bramson said the group’s strategic restructuring was “substantially completed”, while last month F&C reported an underlying profit before tax of £37.3m for the first half of 2013, up from £22.1m one year earlier.
In an announcement to the stockmarket today, F&C says Poynter will replace Bramson as chairman.
Poynter joined the F&C’s board as an independent non-executive director in June 2009. He was formerly chairman of the audit and compliance committee as well as a member of the nomination, remuneration and risk committees.
He has stepped down as a member of all board committees other than the nomination committee following his appointment as chairman.