Edinburgh Worldwide Investment Trust plc (EWIT) said on Friday that Gabriel Gliksberg, a nominee of controversial New York hedge fund Saba Capital, has been appointed as the new chair of the board at the £860 million closed end fund.

On April 30, enough shareholders in Edinburgh Worldwide voted for activist Saba Capital’s plan to oust EWIT’s entire board that included former chair Jonathan Simpson-Dent and five other board members and to install three Saba-backed board nominees — Gabriel Gliksberg, Jassen Trenkow and Michael Joseph.

The new board has installed Gliksberg as chair and said on Friday it intends to maintain the company’s existing committee structure “for the time being.”

EWIT said the new board intends to appoint a recruitment consultancy to assist with the appointment of additional directors, including a senior independent director.

“The board is mindful of the diversity targets set out in the UK Listing Rules and will take these into account when making any additional appointments,” said EWIT.

“The board’s intention is that at least one new director, if appointed, would join the Audit and Management Engagement Committee.”

EWIT added: “The Board notes some service providers to the Company resigned at the conclusion of the AGM without having met the Board, but confirms that it has appointed very experienced replacements where necessary who are independent and acting solely in the interests of all shareholders.

“The Board recognises the benefit of experience and continuity in relation to the Company and is pleased to confirm that Deutsche Numis remains as the Company’s appointed corporate broker and Baillie Gifford remains as the Company’s investment manager and company secretary.”

New chair Gliksberg said: “I am grateful to my board colleagues for selecting me to Chair Edinburgh Worldwide. The Board is in agreement that ensuring orderly governance and operational continuity is a key priority and look forward to engaging constructively with Baillie Gifford , Deutsche Numis, shareholders and other stakeholders.”

EWIT said: “The Audit and Management Engagement Committee will be chaired by Jassen Trenkow and will initially be comprised of Jassen Trenkow and Michael Joseph.

“The Nomination Committee will be chaired by Michael Joseph and will be comprised of all members of the Board.

“The Board as a whole will continue to perform the functions which would otherwise be performed by a separate remuneration committee.”

EWIT said Gliksberg “is the founder & managing partner of ATG Capital Management, with over 15 years of investment management experience and prior service as a board member at Safe Auto Insurance Group plc and the Tortoise Energy Independence Fund.”

It said Gliksberg is also currently the custodian/receiver appointed by Delaware Chancery Court for the wind-down of Canna-Global Acquisition Corp.

EWIT said Trenkow “is a former finance and banking executive with over 20 years of experience, including senior operating and governance roles at Goldman Sachs and Barclays.”

It said Joseph “is a portfolio manager & Deputy CIO at Stansberry Asset Management and author of ‘A Dollar for Fifty Cents: Proven Strategies to Outperform the Market with Closed-End Funds’. “