25th Apr 2019 12:51
LONDON (Alliance News) - RIT Capital Partners PLC said on Thursday at its annual general meeting that it has appointed James-Leigh Pemberton as non-executive chair with effect on September 30.
He will be replacing Jacob Rothschild, who is stepping down from the role on the same date after 48 years since 1971.
After stepping down, Rothschild will become president of the FTSE 250 investment trust which he founded 31 years ago.
Pemberton is currently deputy chair of UK Government Investments, a government body which advises the UK government on asset sales, and has been for a year since 2018. Prior to that, he was chair of UK Financial Investments for two years from 2014 to 2016, before its merger with UK Government Investments.
UK Financial Investments was a company set up to hold HM Treasury's shareholdings in certain companies, including the Royal Bank of Scotland Group PLC.
Pemberton was formerly a non-executive director at RIT Capital Partners for nine years from 2004 to 2013.
"RIT's succession arrangements have been progressing smoothly over several years. During this time, we strengthened the board, empowered the executive committee and deepened the team. Francesco Goedhuis has proven to be an exemplary CEO of the company's investment manager, JRCM, and the appointment of James Leigh-Pemberton as chairman of RIT is the final piece of the plan," Rothschild said.
"I have known James for two decades and more - in that time he has shown himself to be a man of integrity, decency and vision. All attributes which, together with his extensive experience of financial markets and outstanding reputation, will serve him well as chairman of RIT. I couldn't wish for a better person to chair our company," Rothschild added.
Shares in RIT Capital Partners were down 1.0% at 2,080.00 pence on Thursday.
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