Cash machine firm ousts chief executive
Tuesday 17 October 2006
The cash machine company Cardpoint ousted its founder and chief executive Mark Mills yesterday, and parachuted in Southern Water's chairman Bob Thian to head up the board.
Mr Thian, who is to be Cardpoint's chairman, will start in an executive capacity, before eventually appointing a management team and stepping back into a non-executive role.
Disgruntled shareholders, who have suffered two profits warnings and a collapse in the company's share price over the past year, have been the driving force behind the management changes at the company, which operates private cash machines.
Mr Thian was quick to get to work yesterday, saying he was already minded to knock back the current 100p-a-share offer on the table, which the board received two weeks ago from an unnamed bidder. "There's a formal bid on the table and the board has to consider it, but it won't take too long," he said. "It feels like it's in the 'far too low' club."
Mr Mills has agreed to stay on for a three-month handover period. Shares in the company rose more than 3 per cent to close at 81.75p, giving the group a market value of £86m.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 2 Trevor Noah: Jon Stewart's replacement faces online criticism over 'anti-Semitic' tweets
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Gamers confess the worst things they've done in The Sims
- 5 Syrian child photographed 'surrendering to camera because she thought it was a gun'
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
University of Cambridge: Remains of 1,300 scholars are found under building
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
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...