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City & Business: BAe flies full circle

IN THE end, the removal of John Cahill after only two years as chairman of British Aerospace wasn't quite as painful as many in the City had feared. His share options cost only dollars 4.7m ( pounds 3.2m) to buy out, not the pounds 9m reported in some quarters, and he waived the rest of his five-year contract. His replacement with Bob Bauman as non-executive chairman, leaving Dick Evans in full executive control, also looks a better formula for a harmonious board. Nevertheless, hard questions need answering about Mr Cahill's departure. He owed his position to the fact that the City was fed up to the back teeth with the previous management, which included Mr Evans. Now the old guard has reasserted itself; in a way, it has triumphed over the wishes of the City. We can only hope that Mr Evans has learned from the mistakes of the past.