Change of Executive Managemen

RNS Number : 8433A

Witan Investment Trust PLC

15 October 2009

 



WITAN INVESTMENT TRUST PLC

15 October 2009

Change of Executive Management Structure

The Board of Witan Investment Trust plc, in considering how best to deliver its objective of wealth creation through equity investment, has decided to restructure the Company's management team. 

Since the adoption of the multi-manager approach, Witan has delivered returns ahead of its benchmark over 1, 3 and 5 years. However given the new order in world financial markets since the liquidity crisis, the Board has decided that the Company's objectives can be better delivered through an enhanced focus on the implementation of investment policy.

Last year Robert Clarke was appointed to the Board as Chief Executive Officer to explore business development opportunities and to manage the overall business. Mark Lynam was appointed Chief Investment Officer on a part-time basis to take responsibility for investment policy, manager selection and monitoring. Robert and Mark have worked closely together in conjunction with the Board to manage all aspects of the Company's affairs. However the Board has decided to increase the investment resource available to the Company, while keeping costs down. An executive search firm has therefore been appointed to assist in finding a full-time, investment based Chief Executive Officer. On the appointment of the new Chief Executive, Robert Clarke and Mark Lynam will step down to pursue their other interests.

The Board would like to thank both Robert and Mark for their contributions and hard work in successfully managing the Company over the past 12 months.

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For further information, please contact:

James Frost or Harry Henderson

Witan Investment Trust plc

Telephone: [phone]

Eleanor Mitchell or Hugo Mortimer-Harvey

Quill Communications

Telephone: [phone]

 

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