This content is not available in your region

Bramson bids goodbye to Electra, Sherborne's Welker to join board

Access to the comments Comments
By Reuters
Text size Aa Aa

LONDON (Reuters) – Activist investor Edward Bramson is resigning from the board of Electra <ELTA.L> to focus on other commitments after leading a four-year transformation of the British private equity firm.

Bramson, who has served as a director since 2015, was also the company’s Chief Executive between 2016 and 2017, and was chiefly responsible for a sweeping overhaul of the firm’s investment portfolio and governance.

Bramson has been replaced on the Electra board by Sherborne Investors partner Stephen Welker, who has been a non-executive director of TGI Fridays, an Electra company, since 2017. Sherborne currently have around a 30% stake in Electra.

The self-styled turnaround specialist, Sherborne currently holds a 5 percent stake in British bank Barclays <BARC.L>.

Earlier this year, Bramson lost a bid to join the lender’s board and kickstart a plan to boost shareholder returns by making radical cuts to its investment bank.

(Reporting By Sinead Cruise, editing by Rachel Armstrong)