– UK, Edinburgh – Templeton Emerging Markets Investment Trust PLC announces that, with effect from 20th November 2015, Peter Smith will retire as Chairman and Director of the Company.
The Board has elected Paul Manduca, who was appointed to the Board as a non-executive Director on 1st August 2015, as the new Chairman of the Company. Paul is an independent Director.
Peter Smith said: “In June this year, I announced my intention to step down from the Board after serving 11 years, eight of which were as Chairman. On 1st August 2015, Paul Manduca joined the Board as a non-executive Director and I am delighted to report that he will take over as Chairman when I retire on 20th November 2015. Paul brings to the Board a wealth of relevant experience, having had a long and successful career in asset management, both as a Fund Manager and a Chief Executive of fund management groups, including Threadneedle Asset Management, Rothschild Asset Management and Deutsche Asset Management Europe. Paul is currently the Chairman of Prudential plc, one of the world’s leading emerging markets focused financial services groups”.
Paul Manduca said: “As someone who has had a long association with the investment trust sector, I am delighted to be taking over the stewardship of TEMIT, which is the U.K.’s largest emerging markets investment trust. I would also like to thank Peter Smith for the important contribution he has made to the development of the trust over the past 11 years.”
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