Update: Burford replaces CEO's wife as finance director in attempt to calm Muddy Waters spat

Shares dropped more than 50% following Muddy Waters attack

Embattled Burford Capital has replaced its chief executive’s wife in the role of finance director and has vowed to overhaul its board in an effort to calm an escalating dispute with short-seller Muddy Waters, according to reports.

According to the FT, Burford has replaced Elizabeth O'Connell, the wife of its CEO Christopher Bogart, as finance chief with "immediate effect", with former Morgan Stanley banker Jim Kilman taking over her role. The market took this as a positive move, with shares jumping 13% to close the day at 880.5p on 15 August, but the company's valuation is still down more than a quarter since Muddy Waters first got involved. However, Muddy Waters has not been convinced by the move, saying in statement: "The notion that appointing Mr. Kilman as CFO will substantively improve governance is a farc...