Ivory & Sime in takeover spotlight as chief quits
Tuesday 04 February 1997
Mr Hook is being replaced immediately by Sir David Kinloch, deputy chief executive of Caledonia, the main investment vehicle of the wealthy Cayzer family which owns a 29 per cent stake in Ivory & Sime.
The shares added 2p to 246p on hopes that the move makes it more likely that the group will become a takeover target.
Mr Hook was appointed by Caledonia two years ago following its original investment to sort out Ivory & Sime after a period of staff departures and poor investment performance. But he quickly invoked the ire of many fund managers by removing them from the board and stamping what was said to be an autocratic management style on the group.
The rising discontent has seen a string of staff departures in the last few months, culminating in the recent announcement that a large part of the UK equities team was leaving to set up on their own, including Mark Tyndall, the head of the department, and John Dodd, leader of the smaller companies team.
Sir David, who was until yesterday non-executive chairman, said investigations he had instigated after his increasing concern over the defections at senior level had all pointed in the same direction.
Mr Hook had done an excellent job in the early part of his tenure at the group, "but people found it difficult to get on with him and it affected staff morale. I talked to him over the weekend and he offered to resign, which I accepted."
He dismissed suggestions that there had been a mutiny among staff still remaining at Ivory & Sime and said Caledonia had no plans to sell its stake. "We bought this as a long-term investment and we intend to improve it over time."
He added that Sumitomo Life and Sumitomo Trust Bank, which together hold around 18 per cent of the shares, remained supportive.
A former regular soldier in the Royal Engineers, Mr Hook is on a 12-month rolling contract worth a basic pounds 120,000 a year. Last year, bonuses, pension contributions and other benefits bumped that up to pounds 218,000.
Comment, page 17
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
18th century sex toy found in 'toilet of sword fighting school' in Poland
'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...