Phaunos Timber Fund appoints William Vanderfelt as senior independent director on resignation of Richard Hills; Vanderfelt has served on company's board since 2012
May 15, 2014
– Phaunos Timber Fund Limited ("Phaunos" or the "Company"), the Authorised Closed ended investment scheme established to invest in timberland and timber related assets on a global basis, announces that Richard Hills has resigned as Senior Independent Director. He will stand down from the Board with immediate effect.
William Vanderfelt, Non-Executive Director since 2012 and recently appointed Chairman of the Remuneration Committee, will become Senior Independent Director.
Commenting on today's announcement, Sir Harry Studholme, Chairman of Phaunos, said: "On behalf of the Board I would like to thank Richard for his tremendous contribution over the past two years. During recent corporate developments his wealth of experience advising investment companies has proved invaluable.
William has served on the Board since August 2012 and I believe he is ideally suited to succeed Richard as Senior Independent Director. As we continue to work towards the next stage of the Company's development I am confident we have the requisite skills in place."
Phaunos will update shareholders on the conclusion of its strategic review on 24th June 2014. Further details will be disclosed in due course.