Chubb chief quits but still locks in £560,000 pay-off
Tuesday 14 January 2003
Chubb, the security group, yesterday surprised the City by saying its chief executive, Robert Gasparini, would step down next month, with a pay-off of £560,000.
Although the company said Mr Gasparini was leaving voluntarily to pursue a business opportunity in the US, he will still receive a pay-off worth one year's salary. The current chief financial officer and deputy chief executive, Jonathan Findler, will become acting chief executive.
The news on Mr Gasparini was followed by a 13 per cent rise in Chubb's shares to 92p. Analysts said this was partly due to speculation a new management team might trigger takeover talks. Mr Gasparini, an American, has been chief executive of Chubb since it floated in November 2000, after it was spun out of the old Williams conglomerate.
Chubb said Mr Gasparini was quitting because "He has decided to pursue new business interests back in the USA." This is thought to be a management consultancy start-up. Chubb indicated Mr Gasparini was keen to return to the US because that is where his family lives.
The group attempted to dampen speculation that Mr Gasparini had fallen out with Chubb's newly appointed chairman, Sir Robert Horton.
City sources concurred that the relationship between the two was not the reason for Mr Gasparini's exit. One analyst said: "It looks like he has decided to go rather quickly, possibly because he has received a new offer he couldn't refuse."
Chubb said it had appointed the headhunters Miles Partnership to conduct a thorough review of available talent. Mr Findler is thought to be the likely successor, even though he has been required to take on the job temporarily for the time being.
Chubb's shares have fallen nearly 60 per cent since May 2002, after takeover talks fell apart with Securitas, the world's biggest security service group.
Securitas is thought to be the prime candidate for future bid talks with Chubb. There are not thought to be that many alternatives, in a market where takeovers are seen as difficult because there are not many strategic fits between the major players.
Mr Gasparini has been trying to rebuild Chubb's reputation since it reported a profits warning in December 2000.
- 1 Frank Lampard's face drops when Holly Willoughby introduces him as a 'Man City legend'
- 2 'Do not give them a reason': Baltimore man divides police and rioters in hope of avoiding violence
- 3 X Factor in crisis as numbers of people auditioning plummets
- 4 Baltimore riots: Furious mother marches her son home live on TV
- 5 General Election 2015: Stephen Hawking says he will vote Labour
General Election 2015: Tories sack candidate who said she would never support 'the Jew' Ed Miliband
Bali Nine executions: Indonesia confirms killings of Andrew Chan and Myuran Sukumaran will go ahead
The four utterly contradictory polls that tell the story of this election and why it is pointless trying to predict the outcome
General Election 2015: Prospect of Labour-SNP coalition makes one in four voters less likely to support Ed Miliband, says survey
Baltimore riots: Furious mother marches her son home live on TV
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
EU exit would hit UK economy much harder than neighbouring countries, study finds
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
iJobs Money & Business
£Basic (OTE) + Uncapped Commission: Guru Careers: A Stockbroker (qualified / p...
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...