London-listed Electra Private Equity, which recently served notice on its investment manager Electra Partners, has hired Thomas Cook executive Gavin Manson as its first ever chief financial officer.
Manson’s hire follows the appointment of non-executive director Edward Bramson to the newly-created role of interim chief executive officer in May, as reported by sister title Private Equity International.
Manson will join the firm in the newly created role on August 8, according to a statement from Electra Private Equity.
He currently serves as a finance director for Thomas Cook’s Tour Operations and Hotels and Resorts division, a role he has held for nearly two years. Prior to this he worked as group head of financial reporting at the travel agent. He has also held senior finance roles at a number of manufacturing and distributing companies.
Electra Private Equity began reshuffling its board at the end of last year following the appointment of Bramson and Ian Brindle as non-executive directors and the resignation of former chairman Roger Yates.
In January the investor launched a review of its investment strategy, policy and structure and announced in May that it had served 12 months’ notice on its investment manager Electra Partners, which currently manages its portfolio on an exclusive basis.
Electra Private Equity is an investment trust listed on the London Stock Exchange.
In June, Electra Partners – the fund manager – agreed to sell fund administrator Elian to trust and corporate service provider Intertrust Group for £435 million ($627 million; €552 million). Following the completion of the transaction, which is expected during the third or final quarter of 2016, Electra Private Equity expects to receive total profits of around £200 million, which equates to a return of around 2.6x original cost and an anticipated IRR of about 50 percent, as previously reported by sister title pfm.
Electra Partners, which has a 19-strong team in London, is an independent firm that has exclusively managed the investment trust’s £1.8 billion portfolio for more than 25 years.