RIT Capital Partners announces Sir James Leigh-Pemberton as Non-Executive Chairman designate

– UK, London –  RIT Capital Partners plc (LON:RCP), announced today at its AGM, that following several years of succession planning, Lord Rothschild will step down as Chairman and Director of the Company on 30 September 2019, and will take up the role of President of RIT. At that time, Sir James Leigh-Pemberton will become Non-Executive Chairman of RIT.

Lord Rothschild first informed shareholders several years ago that he was stepping back from day-to-day activity at RIT. Since that time, the Board has been implementing a succession plan and gradual transition of responsibilities. This has included the establishment of the Executive Committee at RIT’s investment manager J. Rothschild Capital Management to run the day-to-day business of the Company and manage the investment portfolio; the appointment of Ron Tabbouche as CIO of JRCM; the strengthening of the RIT Board with several new Directors; the appointment of Hannah Rothschild to the Board in 2013; the appointment of Lord Rothschild’s colleague, Francesco Goedhuis, as Chief Executive of JRCM in 2014; and the announcement that the Board of Directors have this morning appointed Sir James Leigh-Pemberton to become Chairman of RIT as of 30 September 2019.

Sir James previously served as a Director of RIT between 2004 and 2013. He began his career at Warburgs and thereafter moved to Credit Suisse, where he became Head of European Investment Banking, Head of European Equity Markets, then Chairman of UK Investment Banking and finally Chief Executive of Credit Suisse in the UK. In 2013, Sir James stepped down from the Board of RIT and left Credit Suisse in order to become Chief Executive of UK Financial Investments. Following the merger of UKFI and UK Government Investments, he became the Deputy Chairman of the combined entity. He was knighted in the 2019 New Year Honours.

Lord Rothschild commented: “RIT’s succession arrangements have been progressing smoothly over several years. During this time, we strengthened the Board, empowered the Executive Committee and deepened the team. Francesco Goedhuis has proven to be an exemplary CEO of the Company’s investment manager, JRCM, and the appointment of Sir James Leigh-Pemberton as Chairman of RIT is the final piece of the plan. I am delighted to accept the Board’s invitation to become President of the Company and thereby maintain my ongoing and active involvement with RIT.

Today I reaffirm my family ties with RIT – we shall remain committed, engaged and significant RIT shareholders in the years ahead.

I have known James for two decades and more – in that time he has shown himself to be a man of integrity, decency and vison. All attributes which, together with his extensive experience of financial markets and outstanding reputation, will serve him well as Chairman of RIT. I couldn’t wish for a better person to Chair our Company. As I have told shareholders often in recent years, the JRCM management team are settled and skilled. We are fortunate to have such a talented, dedicated and focused management team to take us forward.”

About Sir James Leigh-Pemberton

Sir James Leigh-Pemberton served in a variety of senior roles at Credit Suisse for almost 20 years, rising to Managing Director and Chief Executive Officer of Credit Suisse in the UK. In October 2013 he joined UK Financial Investments as Chief Executive and in January 2014 was appointed Executive Chairman. On 1 April 2016, Sir James became Executive Chairman of UKFI and following the merger with UK Government investments, he became Deputy Chairman of UKGI.

Sir James joined the Board of RIT at the AGM as a non-Executive Director and will serve on the Nominations Committee and Valuations Committee. On 30 September 2019, he will become Non-Executive Chairman of RIT.

Sir James Leigh-Pemberton said: “It is a great honour to be invited by the Board to serve as Chairman of RIT Capital Partners. I came to know the Company well during my previous service as a Director and I am delighted to return. On behalf of everyone associated with RIT, I would like to pay tribute to Lord Rothchild’s exceptional and dedicated leadership over many decades. His drive, vison and strong values have helped make RIT one of this country’s most admired investment companies and seen its net assets grow from £280 million at listing in 1988 to around £3 billion today. I am delighted that we will continue to benefit from Lord Rothschild’s experience and advice in his new role as President of RIT.

I am committed to maintaining the distinctive way of doing things at RIT, in particular our focus on prudent investment management for the long term and placing shareholder value at the heart of all we do. I have greatly admired the achievements of the JRCM management team in recent years and look forward to working with them to create further sustainable returns for RIT shareholders in the years ahead”.

About RIT Capital Partners plc

RIT has been one of the UK’s best performing investment companies since inception. At its listing in 1988, RIT had net assets of ~£280 million. Its assets have since risen to around £3 billion. £10,000 invested in RIT at inception would be worth ~£326,000 today compared to the same amount invested in the market, which would be worth ~£73,000. In the last five years, since the Executive Committee of JRCM came together, the share price total return has been 66% versus 47% for RIT’s equity index. This represents a total increase in shareholder value of £1.25 billion.

JRCM is the wholly-owned subsidiary and investment manager of RIT. It is responsible for the management of RIT’s investment portfolio and day-to-day business of the Group. JRCM’s Executive Committee is led by Francesco Goedhuis and also consists of Ron Tabbouche, Andrew Jones and Jonathan Kestenbaum.

For more information : https://www.ritcap.com

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