(Credit: Timon - stock.adobe.com)

Gabriel Gliksberg, one of three new directors elected after the coup led by Saba Capital Management, becomes chair and a recruitment consultancy will be hired to find additional directors, including a senior independent director.

Deutsche Numis remains its corporate broker and Baillie Gifford as investment manager and company secretary, ensuring operational continuity.

The existing committee structure will be maintained, with fellow new director Jassen Trenkow chairing the audit and management engagement committee, and Michael Joseph chairing the nomination committee, which will include all board members.

Five board members seeking re-election to Edinburgh Worldwide Investment Trust, including the chairman, were forced to step down at last week’s AGM after receiving support from just under 40% of votes cast.

Jonathan Simpson-Dent (chair), Mary Gunn, Jane McCracken, Caroline Roxburgh and Gregory Eckersley were turfed out while a sixth director, Mungo Wilson, was already retiring.

Saba Capital Management’s three nominees to the board were approved by just under 63% of votes cast.

Mr Gliksberg is the founder and managing partner of ATG Capital Management, with over 15 years of investment management experience and prior service as a board member at Safe Auto Insurance Group and the Tortoise Energy Independence Fund.

He is also currently the custodian/receiver, appointed by Delaware Chancery Court for the wind-down of Canna-Global Acquisition Corp.

“I am grateful to my board colleagues for selecting me to chair Edinburgh Worldwide,” he said. “The board is in agreement that ensuring orderly governance and operational continuity is a key priority and look forward to engaging constructively with Baillie Gifford, Deutsche Numis, shareholders and other stakeholders.”