The appointment of Ian Clubb is the latest attempt to restore Tiphook's fortunes after interim losses of pounds 180m and the resignation of five directors. Mr Montague, Tiphook's founder, resigned as chairman, receiving options worth pounds 750,000 in compensation.
He agreed to continue as chief executive and took a 75 per cent pay cut to pounds 200,000 a year. His temporary successor, Rupert Hambro, will step down after the annual meeting in September but intends to remain on the board as a non-executive.
Tiphook's shares rose 4p to 53p while BOC fell 11p to 682p.