Hipgnosis Songs chair Andrew Sutch to step down as managers given ultimatum
Fellow board member Andrew Wilkinson and chair of the firm’s audit and risk management committee is also retiring at the end of this year.
In a stock exchange notice on Thursday (28 September), SONG said Sutch, who has served as chair since the trust's launch in June 2018, will step down once a suitable replacement is found, or by its 2024 annual general meeting.
Hipgnosis said it would begin the recruitment process for a new chair immediately.
Hipgnosis Songs music catalogue sale comes under scrutiny as continuation vote looms
Fellow board member Andrew Wilkinson and chair of the firm's audit and risk management committee is set to retire before the end of this year.
The board said it would appoint Cindy Rampersaud, who joined the board as an independent non-executive director on 1 August, to succeed Wilkinson on the risk management committee.
In Thursday's statement, the board also outlined further changes to its investment advisory agreement, following the sale of a fifth of its music catalogue for $465m earlier this month.
The board said the latest changes «will provide shareholders with greater opportunities to realise value in a shorter timeframe should the share price re-rating not occur», as its continuation vote looms.
Shareholders are set to vote on the future of the trust at the annual general meeting on 26 October.
Hipgnosis agrees $465m catalogue sale from public trust to private Blackstone vehicle
If the continuation vote passes, the board said it would schedule regular continuation resolutions to shareholders, starting at an EGM in January 2026, again at the 2028 annual general and at every third AGM thereafter.
Additionally, the board said its investment adviser had agreed to «certain further
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