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 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
- 5 Friends reunion: Jennifer Anniston, Lisa Kudrow and Courteney Cox perform mini sketch on Jimmy Kimmel Live
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Joan Rivers: 'Palestinians deserve to be dead'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£35000 - £55000 per annum: Harrington Starr: A Global global asset management ...
£55000 - £65000 per annum: Harrington Starr: A Global Financial Service Organi...
£50000 - £60000 per annum: Harrington Starr: A world leading business intellig...
£40000 - £50000 per annum: Harrington Starr: A Global Financial Service Organi...