18th Jul 2019 10:14
(Alliance News) - Investment trust Electra Private Equity PLC said on Thursday that controversial former chief executive Edward Bramson has left the company's board, with Stephen Welker joining.
Bramson was the company's chief executive during 2016 and 2017 and has decided to stand down from his board position due to his commitments elsewhere, Electra said. He has served as a company director since 2015.
Bramson initially seized control of Electra Private Equity following a lengthy boardroom battle after Sherborne Investors Management LP, where he was a partner, took a 30% stake in the company in 2015.
During his tenure as chief executive, former Bank of England monetary policy committee member Kate Barker and Francesca Barnes, ex-global head of private equity at UBS Investment Bank were among the number of former Electra directors who left the company.
The activist investor also restructured Electra during his time with the company to free it from its investment manager Epiris Managers LLP.
In May, Barclays PLC's shareholders voted against adding him to the bank's board and he also was rebuffed beforehand in December.
Since 2017, Welker has been a non-executive at casual dining chain TGI Friday's, an Electra portfolio company. He is also a partner at Sherborne.
With Bramson, he built a 5% stake in Barclays during their time together at Sherborne in March 2018.
Shares in Electra were down 1.0% at 344.56 pence each in London on Thursday morning.
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