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."
- 1 Moscow voted the world's unfriendliest city
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 4 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
- 5 If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Senior British politicians tell David Cameron: When dead children are being washed up on beaches, it's time to act
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...