Edward Bramson is to stand down as F&C Asset Management chairman following his overhaul of the firm.
Bramson, who led a boardroom coup at the firm two years ago through his investment vehicle Sherborne Investors, will be replaced by Keiran Poynter (pictured).
Poynter joined the board as a independent non-executive director in June 2009 and was formerly chairman of the audit & compliance committee and a member of the nomination, remuneration and risk committees.
The news comes after Sherborne announced earlier in the week that it was planning to transfer partial beneficial ownership of 106 million shares in F&C and further beneficial ownership of 7.3 million F&C total return swaps to its shareholders in AIM-listed Sherborne Investors Guernsey A, reducing its stake from 20% to 7.4%
This will be followed by a second distribution of shares reducing the firm's stake further.
Bramson, who has repositioned the business and cut numerous jobs as part of a strategic overhaul, will no longer have a role with the firm.
Canaccord Genuity views Bramson impact on the business as positive.
'The restructuring of F&C in respect of its cost base initiated by Edward Bramson is largely complete in operational terms. Further cost saving are largely the effect of the run rate coming through this year and next,’ the broker said in a note to clients in which it repeated its buy rating.
It added: 'The further planned buyback of existing debt to save interest costs is expected to be advanced by current management when market prices are advantageous. Highlighting previous restructurings affected by Edward Bramson, we note the emphasis on the rightsizing of the cost base.
‘When revenues hold, as is the case with F&C, the restructuring is largely successful. Edward Branson’s transfer of executive responsibilities to Richard Wilson (the new CEO) to drive the revenue line, we view as positive.’