Broackes set to step down at Trafalgar

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The Independent Online
TOP board changes are expected to take place this week at Trafalgar House, the construction group that owns the Cunard Line, and in which Hongkong Land recently acquired a 14.9 per cent stake, writes John Moore.

Sir Nigel Broackes, who founded the group more than 30 years ago, is expected to step aside as chairman and take the courtesy job of life president of the company or honorary president.

Alan Clements, former finance director of ICI and non-executive of Trafalgar, is expected to succeed Sir Nigel as chairman, while Sir Eric Parker, the chief executive, will relinquish his responsibilities to Allan Gormley, head of the company's engineering division.

Pressure for boardroom change has been given impetus by the interest shown in the company by Hongkong Land, part of the Jardine Matheson investment group.

Hongkong Land had unsuccessfully attempted to gain a near 30 per cent stake in Trafalgar House and seats on the board. But its interest crytallised the unrest of institutional shareholders over Trafalgar's performance.

Hongkong Land suggested that Charles Powell, former foreign affairs adviser to Margaret Thatcher, should be appointed a Trafalgar non-executive director.

(Photograph omitted)

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