Alliance Trust PLC announced that Lord Smith of Kelvin has decided to step down as non-executive Chairman with effect from 5 September 2019. He is succeeded by the Trust's Deputy Chairman, Gregor Stewart. Lord Smith, who joined the Trust on 3 February 2016, has successfully led the Board through a period of significant change, during which the Trust has been transformed into a clearly focused global equity investment trust. During his tenure, the Trust has sold its in-house investment management business, Alliance Trust Investments; appointed Willis Towers Watson to manage its portfolio; sold its investment platform, Alliance Trust Savings; and, disposed of the vast majority of its mineral rights and private equity investments. With Gregor Stewart's appointment as Chairman, the role of Deputy Chairman will cease.