The Board of Alliance Trust PLC announced the appointment of Robert Smith, Lord Smith of Kelvin as its new Chairman. Subject to regulatory approval, he is expected to take up his position on February 1, 2016. Lord Smith has broad experience of the corporate and financial sectors.

He is currently Chairman of UK Green Investment Bank plc, Forth Ports Limited and IMI plc. He has previously been Chairman of The Weir Group plc and of SSE plc, and a non-executive director of Standard Bank Group Limited. Gregor Stewart will become Deputy Chairman.

Lord Smith succeeds Karin Forseke at the helm of the trust, which last year announced a shake-up of its corporate structure and operating model in a move aimed at cutting costs by £6 million a year.