July 18, 2019 / 6:37 AM / 2 months ago

Bramson bids goodbye to Electra, Sherborne's Welker to join board

LONDON (Reuters) - Activist investor Edward Bramson is resigning from the board of Electra (ELTA.L) to focus on other commitments after leading a four-year transformation of the British private equity firm.

Bramson, who has served as a director since 2015, was also the company’s Chief Executive between 2016 and 2017, and was chiefly responsible for a sweeping overhaul of the firm’s investment portfolio and governance.

Bramson has been replaced on the Electra board by Sherborne Investors partner Stephen Welker, who has been a non-executive director of TGI Fridays, an Electra company, since 2017. Sherborne currently have around a 30% stake in Electra.

The self-styled turnaround specialist, Sherborne currently holds a 5 percent stake in British bank Barclays (BARC.L).

Earlier this year, Bramson lost a bid to join the lender’s board and kickstart a plan to boost shareholder returns by making radical cuts to its investment bank.

Reporting By Sinead Cruise, editing by Rachel Armstrong

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