BTR shares rise as Bauman signs on
Saturday 30 August 1997
Mr Bauman, who will join BTR's board in the meantime as non-executive deputy chairman, will replace Elwyn Eilledge, the current chairman, who is to retire at next year's annual shareholders' meeting in May after just two years in the job. Mr Bauman will continue as BAe chairman and as a non-executive director of Reuters.
The announcement gave a much-needed boost to BTR's share price and intensified speculation that the group may consider breaking itself up to unlock shareholder value. BTR shares, which peaked at 407p three years ago, ended the day up 11.5p, at 218p.
One analyst described Mr Bauman as a "big hitter" who would carry more weight in the City than Mr Eilledge, 62, who had previously been senior partner with accountants Ernst & Young, BTR's auditors. BAe's share price has soared during the three-year Bauman chairmanship as the group took a leading role in promoting the restructuring of the European aerospace and defence industries.
Mr Eilledge said Mr Bauman was "a highly respected industrialist with an outstanding track record who is ideally qualified to guide BTR", adding that he would continue with the existing restructuring strategy of Ian Strachan, chief executive.
BTR denied suggestions that Mr Eilledge's departure was a response to investor discontent after a succession of disappointing announcements from the company. In May more than pounds 1.5bn was wiped off its share price after the group issued its fourth profits warning in three years. Mr Strachan stunned investors by warning that the overvalued pound would knock pounds 35m off the group's half-yearly profits, to be announced next month.
Last autumn he signalled the end of BTR's acquisition-led strategy with a radical restructuring plan.
Returning to the stage after 20 years makes actress feel 'nauseous'
Top conservatoire offers ‘groundbreaking’ arts degree
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 4 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 5 Kanye West halts concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...