Lord Rothschild to be President of RIT Capital – RIT Capital Partners announced at its AGM, that following several years of succession planning, Lord Rothschild will step down as chairman and a director on 30 September 2019, and will take up the role of president. His replacement as chairman is Sir James Leigh-Pemberton.
Sir James previously served as a director 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. He came off RIT Capital’s board and left Credit Suisse in 2013 to become chief executive of UK Financial Investments (UKFI). Following the merger of UKFI and UK Government Investments, he became the deputy chairman of the combined entity.
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 J. Rothschild Capital Management to run the day-to-day business of RIT Capital and manage the investment portfolio; the appointment of Ron Tabbouche as CIO; the appointment of several new directors at RIT Capital, including, in 2013, Hannah Rothschild (Lord Rothschild’s daughter); making Francesco Goedhuis chief executive of JRCM in 2014; and finally, appointing Sir James as chairman.
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.”
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, vision 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“.
RCP : Lord Rothschild to be President of RIT Capital