Business week in review
Sunday 24 June 2012
The Sorrell clan hasn't had much cheer recently – poor old patriarch Sir Martin saw his £12.9m mega-pay package voted down by furious WPP shareholders this month.
Much better news for his high-flying son, Jonathan Sorrell, who was promoted to finance director at hedge-fund giant Man Group on Monday. The 34-year-old former Goldman Sachs banker becomes one of the youngest senior execs at a major company in the FTSE 250, where Man now resides having been dumped out of the index of 100 blue-chip stocks last week. Sorrell jnr's got a job on his hands, as investors fume over a 40 per cent loss in the value of their stock this year. Probably best not to ask dad for advice on how best to placate them.
Alliance Boots chairman Stefano Pessina defied the high street gloom on Tuesday, as he unveiled plans to sell the chemist to US peer Walgreens in a deal that values the group at an eye-watering $16bn (£10bn).
On Wednesday, former Scottish Widows boss Archie Kane was named governor of Bank of Ireland.
...at a loss
Allen Stanford's former chief investment officer Laura Pendergest-Holt reached a plea deal on Tuesday over her alleged involvement in Stanford's $7bn (£4.5bn) Ponzi-style fraud.
Later in the week, she pleaded guilty to one obstruction of justice charge, having been indicted in 2009 on several others, including conspiracy related to her allegedly false testimony to the US Securities and Exchange Commission. According to reports she'll get three years in jail: former billionaire Stanford received 110 years.
Kesa Electricals, which sold Comet to OpCapita in February for two quid, owned up to a dire last financial year on Wednesday. Chief executive Thierry Falque-Pierrotin said "markets throughout Europe were exceptionally difficult", but restructuring costs related to the sale of the Comet chain dragged the group £250m into the red.
On Wednesday, Bob McDonald, the boss of Procter & Gamble, the world's biggest consumer goods group, said sales growth next year should be 2-3 percentage points down on forecasts of 5 per cent.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 UK weather: Britain braced for snow as arctic air mass moves in
- 5 'Isis' schoolgirls: Missing British teenager tweets picture of her Syrian takeaway
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Power of Nepal earthquake was equivalent to 20 huge atomic bombs
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
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