City Merchants High Yield Trust Limited announced that its Chairman, Clive Nicholson expressed his intention to retire from the Board once his successor had been appointed. The Board of the company announced its intention to appoint Mr. Tim Scholefield as a non-executive director of the company at the conclusion of the Annual General Meeting on 15 June 2017 or as soon thereafter as the necessary regulatory clearance has been received from the Jersey Financial Services Commission. It is intended that Mr. Scholefield become Chairman upon his appointment as a director, and Mr. Nicholson's retirement will take effect on the same date. Scholefield was Head of Equities at Baring Asset Management until 2014.