Gresham House announces new board of directors

London-based financial services and property investment trust Gresham House announced the resignation and replacement of four directors following an adjourned General Meeting of Shareholders last Thursday.

The meeting had been called following renewed calls by the company's largest shareholder, Parkwood Property Investments, for the ouster of the existing management team. At the company's annual general meeting during the summer, Parkwood had called for a resolution to install its three founding partners together with one independent director of its choosing as a prelude to a swift company break-up. However, that bid failed.

The resignations of Alfred Stirling and Nicholas Rowe, Thomas Rowe and Richard Lane were accepted at the subsequent board meeting held last week and Rosemary Chopin-John, Derek Lucie-Smith and John Lorimer, were appointed as directors, the company said in a statement.

The company also appointed Antony Ebel as non-executive chairman, Derek Lucie-Smith as CEO and John Lorimer as property director. Brian Hallett is to continue as finance director, the company statement added.

Tony Ebel, chairman of Gresham House, said: 'I would like to thank Mr Alfred Stirling, Mr Nicholas Rowe, Mr Thomas Rowe and Mr Richard Lane for their willingness to tender their resignations as directors so as to avoid any further conflict between major shareholders that could only adversely affect the company. The new board looks forward to working together for the benefit of all shareholders.'