Galaxy chief ousted without payoff
Tuesday 05 August 1997
John Webber, who only became the executive head of the television programme maker and entertainment business last October, is not receiving any compensation for loss of office.
His departure was the result of a significant shift in the company's planned future development, said Christopher Moran, the company's vice- chairman, leading shareholder, and the well-known former Lloyd's name.
Mr Stigwood, a long-standing friend of Mr Moran, also stands to become a significant shareholder after having been granted options over 350,000 shares. The company has 3.5 million shares in issue, and exercise of the options would give Mr Stigwood a 9 per cent stake in the company.
Galaxy said it would concentrate on its interests in film, TV, music and stage promotions, and added that the business of managing sports events and artists which Mr Webber brought into the company when he joined Galaxy would be retained.
Mr Webber, a former vice-chairman of Mark McCormack's International Management Group, injected his own BM International business interests and bought 150,000 shares at 135p when he joined the company last year.
The share price closed unchanged at 160p on the Seat market yesterday, valuing the company, which has yet to make a profit, at around pounds 5.6m.
Galaxy paid Mr Webber, who did not have a contract entitling him to compensation, a consultancy fee of pounds 55,000 a year and a profit-related bonus which lapses with his departure. Mr Webber went on holiday last Friday and his future plans are unknown, according to his spokeswoman yesterday.
Galaxy was created from a reverse takeover of CSC Investment Trust by Mike Mansfield Television less than two years ago. Mr Moran own about 29 per cent of the company, Mr Mansfield about 15 per cent.
- 1 Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
- 3 Tube strike: This pedestrian-friendly map tells you the time it takes to walk between stations
- 4 Pamplona Running of the Bulls 2015: Three men gored and 10 hospitalised on first day of festival
- 5 Sarah Jessica Parker explains why she is not a feminist: 'It's not just about women now'
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis: Greek future in the euro slips into deeper uncertainty as Alexis Tsipras arrives at emergency talks without a written plan
Man soars over Calgary after tying 110 balloons filled with helium to his lawn chair for PR stunt, gets arrested for mischief
Tube strike: This pedestrian-friendly map tells you the time it takes to walk between stations
Pamplona Running of the Bulls 2015: Three men gored and 10 hospitalised on first day of festival
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...