F&C Asset Management chief executive Alain Grisay is retiring from the firm with Edward Bramson stepping into the role of executive chairman.
Grisay will step down from the board and as group CEO at the annual general meeting in May 2012 and will remain available to the group for consultation until the end of September 2012.
Bramson has been appointed executive chairman by the board for an interim period with immediate effect. Grisay will gradually pass over responsibilities to Bramson between now and May 2012. Until completion Grisay will retain responsibility for day-to-day management of the group.
Bramson was at the centre of a boardroom battle between F&C and his investment vehicle Sherborne. Earlier this year Sherborne won the battle with F&C to install three of its member onto the board and oust the then F&C chairman Nick MacAndrew.
Bramson was appointed chairman of F&C. Sherborne chairman Ian Brindle and independent director Derham O’Neill were appointed as new directors at a general meeting of shareholders on February 3.
Bramson says: “Alain has been with F&C for over 10 years, the last six of which he has served as chief executive. During this time Alain has led F&C to an independent stock market listing, achieved the successful acquisition of Thames River and steered the company through the most tumultuous period of market upheaval for 60 years.
“He will leave with our best wishes for the future. We look forward to completing and implementing the strategy review and driving the business forward.”