Caledonia Inv PLC - Directorate Change
Tim will join Caledonia from the Wellcome Trust, where he has been Chief Financial Officer since 2014. Prior to this position, he worked for Virgin Atlantic for ten years, initially as Finance Director and latterly as Chief Financial Officer, having previously held senior financial positions at Hudson Global Resources and British Airways.
As previously announced, Stephen King, Caledonia's current Finance Director, will step down from the board and leave the Company on 30 November 2018, following the Company's half-year results. Caledonia's Finance team will report directly to the Chief Executive pending Tim Livett's arrival.
Commenting on the appointment, Will Wyatt, Caledonia's Chief Executive, said:
"We are delighted that Tim Livett will be joining our board. His knowledge and insight gained from his responsibilities at Wellcome, in particular from his risk and performance oversight of its asset management division, which manages the Trust's £23bn mixed asset portfolio, will be highly complementary to our management team."
"I would also like again to extend the board's thanks to Stephen King for his contribution to Caledonia over his past nine years as Finance Director and we wish him every success in the future."
Tim Livett said:
"I am thrilled to be joining Caledonia, a company with a unique approach and proven track record of identifying excellent investment opportunities to build long-term value. Caledonia has a long heritage and a bright future and I look forward to working with Will and the team."