GAM investor group changes CEO candidate day before shareholder vote
The group is now backing GAM’s chief risk officer Elmar Zumbuehl for the role and said that he had already “accepted the opportunity to work with the new board as CEO of GAM”.
The NewGAMe shareholder group had previously put forward Randel ‘Randy' Freeman for the role but announced on Tuesday (26 September) that Freeman has had to pull out of the race «due to unforeseen family circumstances».
The group is now backing GAM's chief risk officer Elmar Zumbuehl for the role, noting he had already «accepted the opportunity to work with the new board as CEO of GAM».
Zumbuehl joined GAM in 2010 and is a member of the Group Management Board. Prior to joining the firm, he worked at Julius Baer's asset management business, which GAM was part of at the time, for ten years.
GAM convenes EGM and urges investors to back NewGAMe proposals
Shareholders will decide on the fate of the candidates at an extraordinary general meeting today (27 September).
The entirety of GAM's board, including its former CEO, stepped down after the takeover deal from Liontrust fell apart in August, with only 33.5% of the votes cast in favour of the bid.
The NewGAMe cohort, which controls approximately 9.6% of the issued share capital of GAM, was decidedly against Liontrust's proposal.
Antoine Spillmann, CEO and partner at Bruellan and proposed candidate for chair of GAM, said he was «thrilled» Zumbuehl had stepped into the race.
He said he has the «right blend of experience and operational expertise», as well as an «in-depth knowledge of GAM» to stabilise the company and take it forward.
GAM repays Liontrust loan in full
«Elmar is well known and respected at GAM, and he offers continuity as we look to build on GAM's heritage to return the company to
Read more on investmentweek.co.uk
