Boosey & Hawkes loses finance director after boardroom discord

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The Independent Online
PAUL HAZEL, finance director of the music publisher and instrument maker Boosey & Hawkes, has resigned.

A spokesman for the company said yesterday that his departure was the result of a personality clash with the group's chief executive, Richard Holland.

According to the 1993 report and accounts, Mr Hazel was paid pounds 148,000 in the year and was better paid than Mr Holland. Mr Hazel's basic salary was pounds 76,000 but he received another pounds 72,000 in bonus payments, making him the company's highest-paid director.

Mr Hazel replaced Mr Holland as finance director in 1990 when Mr Holland was appointed chief executive.

The company said yesterday that Mr Hazel would receive compensation for loss of office equivalent to the duration of his contract.

Boosey's profits have stagnated in recent years, barely climbing from pounds 4m in 1991 to pounds 4.2m in 1992 and pounds 4.4m in 1993. However, the spokesman said Mr Hazel's departure had nothing to do with the company's trading performance.

'It is good old-fashioned personality stuff,' he added.

The spokesman said Boosey had chosen a successor to Mr Hazel but he was unable to say who it was.

'An announcement will be made some time in the next three weeks,' he said.

The shares were unchanged at 335p yesterday.

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