Chance expected to stay on at Sky
Thursday 28 August 1997
The deputy managing director announced he was to step down at the same time as Sam Chisholm, chief executive and managing director, who resigned due to ill-health.
Mr Chance said he would work as a consultant until next summer, but following a concerted campaign by Sky to make him change his mind and stay on, he is considering remaining for longer.
The impending departure of the top duo, combined with Sky's enforced withdrawal from British digital broadcasting, knocked more than pounds 2bn off Sky's market value as the shares declined from a peak of over 600p to just above 400p.
As a result, Sky had come under pressure to win Mr Chance back. In particular, some institutional shareholders had accused Rupert Murdoch, who has a 40 per cent stake in Sky through News Corporation, of nepotism by promoting his daughter Elisabeth to general manager, broadcasting.
City analysts said yesterday that if Mr Chance decided to extend his contract with Sky, he would help to assuage investors' concerns about the strength of the management team.
One analyst said: "It's a demonstration of faith in the future of the company. There was always a fear that the two biggest people were getting out before the launch of digital."
Mark Booth, head of JSkyB, Mr Murdoch's Japanese satellite operation, has been appointed to lead the company through the difficult birth of digital satellite television, which will see the launch of 200 channels next spring.
Another analyst said: "It would be encouraging to have as strong a management team as possible in a formative period for Sky."
Missing Malaysia Airlines Flight MH370: Acclaim for retired Australian defence chief Angus Houston who is leading the search for the airliner
South Korea ferry: Four dead and almost 300 missing as mass rescue gets underway
Malaysia Airlines MH370 co-pilot's phone 'was on and made contact with network tower' 30 minutes after plane turned around
Oscar Pistorius trial: Reeva Steenkamp told athlete she 'loved him' for first time in Valentine's Day card
Lunar eclipse 2014: Images of the spectacular 'blood moon'
David Cameron: 'Jesus invented the Big Society – I'm just continuing God's work'
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
- 1 Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 2 Naked yoga: the bare truth - it's already big in the US, and has now landed here
- 3 Man on a leash in Farringdon, London: Mystery of 'walkies' solved
- 4 24 people applied for the 'world's toughest job', here are their interviews
- 5 Drugs giant GlaxoSmithKline bribed doctors to boost sales, says whistleblower
iJobs Money & Business
£40000 - £50000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£35000 - £50000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£45000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: Corporate Acti...
£350 - £400 per day: Harrington Starr: An opportunity has arisen at a FCA regu...