Hermes Investment Management has appointed former Odey Asset Management chief executive David Stewart as its new chairman of the board, replacing current chair Paul Spencer.
Stewart will replace Spencer, who has spent five years in the role, from April 1st.
Stewart joined the board in April last year as a non-executive director and chair of the risk and compliance committee.
“I see Hermes as an asset manager which is fully embedding responsible capitalism at the very heart of its business. This gives the firm a unique advantage, for which it is increasingly being recognised,” says Stewart.
Stewart was at Odey Asset Management for nine years, as chief executive and then non-executive director.
He is also chairman of IMM Associations, a non-exec of the Caledonia Investment Trust and is on the investment committee of MacMillan Cancer Care.
“Paul Spencer has been a tremendous chair and great support to all of us in the business,” says Saker Nusseibeh, chief executive at Hermes.
“During his tenure, we have seen Hermes evolve into a fully fledged asset manager, with third party assets increasing from £1.8bn to £9.2bn.”