City of London Investment Group PLC announced a restructure of the Board of Directors. The key elements of the restructure of the Board (the "Restructure"), which will take effect from 30 June 2022, will be: A creation of a Group Executive Committee which will provide executive oversight of the Group's operating businesses, principally City of London Investment Management ("CLIM") and Karpus Investment Management ("KIM").
The Group Executive Committee will be chaired by Tom Griffith (CEO) and will initially be comprised of Carlos Yuste (Head of Business Development), Mark Dwyer (Chief Investment Officer, CLIM), Dan Lippincott (Chief Investment Officer, KIM), and Deep Agrawal (Chief Financial Officer). Following the creation of the Group Executive Committee, Carlos Yuste, Mark Dwyer and Dan Lippincott will step down from the CLIG Board. Their responsibilities on the respective CLIM and KIM Boards will not change. Separate to the Restructure, the Company also announces that Barry Olliff, the Company's Founder, has notified the Board that he intends to retire as a Director of the Company with effect from 31 July 2022. The Board wishes to place on record its sincere appreciation to Barry for his years of service to the Group and the Board.