Electra Private Equity loses two board members

Investment trust Electra Private Equity announced the resignation of two of its directors on Monday, with Dame Kate Barker and Francesca Barnes departing with immediate effect.

The FTSE 250 firm said Barker joined the board in 2010 and was chairman of the remuneration and nomination committee and senior independent director.

She also served an interim chairman from November 2015 until Neil Johnson was appointed in May this year.

Barnes joined the board in March 2013, Electra’s board reported, and until her resignation was the chairman of the valuations committee.

The company said it has engaged a search firm to find two additional independent non-executive directors, one of whom will take the role of senior independent director.

“On behalf of the board, I would like to express our gratitude to Kate and Francesca for their significant contributions to Electra Private Equity,” said chairman Neil Johnson.

“Kate has worked tirelessly in senior board roles, not least in her role as interim chairman.”

Johnson said Barker indicated her intention to step down when he became chairman, after a suitable handover period.

“Francesca has brought a wide knowledge of private equity to the board and has been an excellent chairman of the valuations committee,” he added.

!Kate and Francesca leave with our very best wishes,” Johnson said.