Michael Gerrard takes the reins at International PPL

The FTSE 250 firm had appointed Gerrard to the board as an independent non-executive director on 4 September last year, with the intention of assuming the role of chairman upon Rupert Dorey's retirement on 31 December.

It said Gerrard had 30 years of financial and management experience in global infrastructure investment, and had held a number of senior positions, including as an assistant director of Morgan Grenfell, a director of HM Treasury Taskforce, and deputy chief executive officer and later CEO of Partnerships UK.

He had a “breadth of experience” across a range of economic and social infrastructure sectors, the International PPL board explained, and had apparently been involved in some of the largest infrastructure projects in the UK.

“On behalf of the board, I would like to thank the outgoing chairman, Rupert Dorey, for his services as chairman and independent director of the company, since its inception in 2006,” said International PPL senior independent director John Whittle.

“His valuable contribution has seen the company grow from £300m to over £2bn, and the portfolio has continued to evolve distinguishing INPP as a leading infrastructure investment specialist.

“The board and I welcome Mike as his successor as chairman and look forward to building on this success.”