Scottish Mortgage Investment Trust PLC (LON:SMT) has announced certain role changes on the Board resulting from succession planning which has been developed and supported by all of the directors over the course of the last 12 months:
Mr Justin Dowley, the Company’s current Senior Independent Director, will succeed Ms Fiona McBain as Chair of the Board with effect from the conclusion of the 2023 AGM, subject to his being re-elected by shareholders at the AGM; Professor Patrick Maxwell will, subject to being re-elected by shareholders, succeed Mr Dowley as the Senior Independent Director; Professor Paola Subacchi will retire from her role as a Director at the conclusion of the 2023 AGM, having served nine years on the Board; and Ms McBain will step down from the Board at the same time.
Justin Dowley, Scottish Mortgage Investment Trust Senior Independent Director, commented: “On behalf of the Board, I would like to thank Paola for her substantial contributions during her nine years as a Non-Executive Director. I would also like to thank Fiona for her 14 years of loyal and exceptional service to the Company, in particular over the last few years (and at the request of her fellow directors) providing essential continuity, reassurance and leadership during the extraordinary circumstances of Covid-19 and through a period of transition on the Board and with the Managers.”
In addition, as part of the Board’s overall planning, over the last few months the Board has been conducting a recruitment process, using an external search firm, with a view to further Board refreshment. That process is now well advanced.
Finally (and further to the Company’s announcement on 17 March 2023), the Board announces that Professor Amar Bhidé has now left the Board and is no longer a director of Scottish Mortgage Investment Trust.
