An ASX-listed alternatives manager has shuffled its board lineup, with a new chair on the way.
Keybridge Capital - which has been embroiled in a stoush with former funds management arm Aurora Funds Management over claims of owed funds - is in the process of reorganising its board.
Chair John Patton has been removed from his position, to be replaced by current non-executive director William Johnson while Keybridge searches for a permanent replacement.
"The board will now seek to appoint a suitably qualified and experienced independent chairman for Keybridge at which time Mr Johnson will offer his resignation as chairman," Keybridge said.
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Patton will continue to serve the firm as a non-executive director.
The move follows the recent return of chief executive officer Nicholas Bolton, who left the firm in November 2015 after corporate regulator ASIC ordered his ousting.
ASIC's order expired while Bolton had been appealing the decision through the Administrative Appeals Tribunal, paving the way for his return almost four years later.
Commenting in May, Bolton said he was pleased to return to Keybridge and was focused on recovering the company's lost value.
"For many reasons, Keybridge has had a very difficult few years," Bolton said.
"Reflected, not least, in its negative share price performance. Representing the company's largest shareholder [Australian Style Group], I am, of course, highly motivated to both recover and create value for all of our members going forward.
"Of particular focus is my interest in advancing Keybridge's reputation as a clever asset manager and shareholder friendly activist investor. As always, shareholder performance will be paramount."