The board of the alternative finance focused investment trust VPC Specialty Lending (VSL) has begun the search for a new chairman to replace Kevin Ingram, who is set to retire from the board by June 2021.
Ingram will oversee a refreshing of the board’s composition and his succession process.
As well as searching for a new chair, VSL is also seeking to appoint two new independent directors for the board, to replace Clive Peggram and Richard Levy.
According to a VSL memo, one of these new hires must have “financial acumen and be well seasoned in the investment trust market”. The other should be a qualified accountant, ideally with investment trust experience. This director will also assume the role of chair for the audit and valuations (AVC) committee.
Peggram is the existing AVC chair, and he will continue to serve on the board as a director. Meanwhile, Levy will retire from the board once the search for his replacement has been concluded.
“The board has now undertaken a review of the skills mix, size, and diversity required of the directors for the next phase of the company’s development and growth,” said a VSL spokesperson in a statement to the market.
“The search for a new chairman will start in early 2021 and the board will keep shareholders informed of its progress.
“Kevin Ingram has served on the board since the IPO in 2015 and made a considerable contribution both as AVC chair and subsequently as chairman. Recently he has seen the board and VSL through a period of significant challenges, including market turmoil and the continuation vote.
“The board is fortunate that Kevin Ingram is staying in post until a successor has been appointed and there is an appropriate handover period. The board is very grateful for all that he has done and continues to do for the company.”
In September, the investment trust hinted at a refresh of its board, following its continuation vote in June. During the vote, a “significant minority” of shareholders voted against the reappointment of Ingram as chair, and Levy as a director.
The board expects to announce the first appointment within four weeks.