Bob Ayling, the former chief executive of British Airways, was named chairman of the struggling music company Sanctuary yesterday.
Mr Ayling left the airline in March 2000 with a £2m pay-off and a £260,000-a-year pension. He said yesterday: "Before its recent troubles, Sanctuary was successful over many years. The board is determined that it should be successful again."
Earlier this month, Sanctuary completed a £110m fundraising to escape the debt accumulated during its expansion drive into the US. Its debts stood at £155m before the fundraising and about £35m afterwards. Bank of Scotland is providing a facility of £65m. Shares in Sanctuary edged 0.5p higher to 51p yesterday.Reuse content