Edward Bramson is to stand down from his role as chairman of F&C Asset Management, to be replaced by Keiran Poynter.
Bramson (pictured) is a founder of activist investor Sherborne Investors, who took his position at the head of the board of F&C following a coup in 2011.
Bramson recently said he was preparing to redistribute some of the 19% stake it holds in F&C to Sherborne's own investors, according to reports, which include asset managers Threadneedle and Aviva.
His departure from the board could indicate Bramson believes he has managed to turn around the fortunes of F&C.
Bramson introduced a raft of cost-cutting measures designed to save the business £50m, which helped imrove profits at the asset manager. F&C reported pre-tax profits of £37.3m for the half year ending 30 June 2013, compared to £22.1m the previous year, due in part to these measures.
Keiran Poynter joined the board as an independent non-executive director in June 2009 and was formerly chairman of the audit & compliance committee and a member of the nomination, remuneration and risk committees.
Following this appointment, hehas stepped down as a member of all board committees other than the nomination committee.
As a result, the board has appointed Keith Percy to the audit & compliance committee and both Keith Percy and Keith Jones to the nomination committee.
Follows McVey's resignation
Schroders and Aviva Investors
LightTower Partners, Seneca Partners and Unicorn AM
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View from the front row