Ashmore appoints David Bennett as chairman in board shuffle

Ashmore Group on Monday appointed senior independent director David Bennett as chairman after confirming that Peter Gibbs will step down from the role on 19 October.

The AIM traded investment management firm said the appointment is due to Bennett’s financial expertise and the knowledge of the company that he has built up since starting his current role as non-executive director in 2014.

In a statement, Ashmore said: "The nominations committee considered David's other commitments and concluded that he would be able to devote sufficient time to the role of chairman. On appointment as chairman David will meet the independence criteria under the UK corporate governance code."

In further shuffling of the board, the company appointed Jennifer Bingham to the board as non-executive director effective immediately.

She served as chief executive, chief operating and chief financial officer of Brunswick Capital for 11-year period up to 2003 and, as an investment manager, specialises in the Russian equity market.

Since leaving Brunswick, Bingham has held finance, administration and investment oversight roles with investment firm PCHB Limited and served as trustee and chair of the Peter Cundill Foundation.

Bingham will join the audit and risk, remuneration and audit committees, and is considered by the board to be an independent appointment.

"Following the conclusion of the annual general meeting the board will consist of six directors (two executive and four non-executive) with 33% female representation," said Ashmore.

As of 0954 BST, Ashmore Group’s shares were down 3.11% at 361.40p.