The CEO and Managing Director of Blue Sky Alternative Investments Ltd (ASX: BLA), Robert Shand, has resigned according to an ASX filing on Monday.

Kim Morison has been appointed as Blue Sky’s interim Managing Director.

What’s Going on?

Blue Sky first hit news headlines when US-based Glaucus published a very negative report on Blue Sky’s investment prospects.

John Kain, Blue Sky’s Chairman, said: “In offering his resignation, Robert agreed that as Blue Sky rebuilds market confidence, it was in the best interests of the company, its shareholders and its investors for Kim to take over as interim Managing Director. Kim has been Managing Director of Blue Sky Water Partners and Head of Blue Sky’s Real Assets business since 2010″.

Mr Morison said he would work on rebuilding market confidence in Blue Sky’s investment businesses, on delivering returns for shareholders and fund investors and acting on the Board’s commitment for greater transparency.

Blue Sky will accelerate initiatives to re-calibrate Blue Sky’s income mix toward a greater reliance on recurring cash income. – Morison

Today’s news does not appear to have settled investor nerves, with the Blue Sky share price trading down another 4.48%, according to Google Finance.

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