Eurotherm paves way for Hultman's return
Friday 02 August 1996
The appointment will pave the way for the return of chief executive Claes Hultman, who resigned a month ago after failing to persuade non-executives to make him executive chairman of the electronic components group.
Eurotherm has drifted without a chief executive since Mr Hultman dramatically quit the company on 4 July. Shares in Eurotherm plunged on news of the departure of the Swedish businessman who is credited with a revival in its fortunes after a slump in profits at the beginning of the 1990s.
Although accounts differ, it is understood that Mr Hultman made it clear that there was not enough room in the boardroom to accommodate himself, Jack Leonard, founder and chairman of Eurotherm, and Peter Wade, chief operating officer. When he tried to concentrate too much executive power in his own hands, and the non-executives objected, he walked out.
That prompted an unusual intervention by a small group of institutional investors to have Mr Hultman reinstated. Hiding behind a wall of silence, the institutions and the Eurotherm board have spent the past month attempting to find a candidate acceptable to all parties. It is thought Mr Leonard will stand down early.
The return of Mr Hultman will bring to a close a sequence of events one analyst said yesterday had made the company the laughing stock of the City.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
- 3 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 4 Tidal: Jay Z's Spotify rival streaming service criticised for making wealthy artists even richer
- 5 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...