Lesley Knox, the chair of Alliance Trust, is stepping back from the vehicle.
At the trust's annual general meeting today - where Alliance will defend calls from Laxey Partners for a hard line discount control policy to be introduced to the vehicle - investors will be told Knox will leave in time for the 2012 AGM.
'As part of the board's succession plan, Alliance Trust is announcing that Lesley Knox will step down as chairman by the time of the 2012 AGM, after 10
years on the board,' shareholders were told.
It said the search for a replacement is already underway.