Cray admits error on secret sacking
Sunday 30 April 1995
Roger Holland, chairman and one of four directors who awarded themselves £27m of bonus shares in 1993, said there would be management changes, showing that "we take this whole business very seriously".
He was talking after visiting some of the company's Scottish shareholders. The company has been seeing its top 50 institutional holders to limit fall-out from the profits warning.
On Monday Cray said that its profits for the current year would be about £6m compared with £26.2m last year and analysts' forecasts of about £32m. The cause was problems at Cray Communications, its computer networking division.
Last December the company had identified problems and decided to replace Cray Communications' chief executive, Ray Piggott, for incurring cost overruns and failing to meet sales targets.
No mention was made of Mr Piggott's departure in the interim statement the following month, although Mr Holland says it was mentioned to analysts and institutions. Insofar as the information was material, Cray was breaking Stock Exchange guidelines in not publishing it.
"As far as we were concerned we had sacked Mr Piggott and there were legal reasons for not saying anything at that stage," Mr Holland explained. "I felt that it would not have been helpful, but I did not mean to hide anything. In retrospect, I think it was a mistake."
Last week Cray's shares dropped from 155p to 79p.
- 1 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 2 PornHub turns masturbation into energy in bid to save the planet
- 3 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 The jihadi girls who went to Syria weren't just radicalised by Isis — they were groomed
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Someone has actually got a tattoo of that dress
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...