Huntsworth chief to go after investor revolt
Tuesday 12 August 2014
Lord Chadlington, the 71-year-old chief executive of the public relations group Huntsworth, is to stand down amid increasing discontent from shareholders.
The founder of the group, which includes the City PR firm Citigate Dewe Rogerson, will stay until a successor has been found. Headhunters have been appointed.
The company endured a shareholder revolt at its annual meeting in June, with 33 per cent of investors voting against its future pay policy and 30 per cent failing to back Lord Chadlington’s re-election to the board.
Lord Chadlington, a Conservative peer and brother to the former Tory minister and fellow peer John Selwyn Gummer, had resisted calls for him to step aside.
However, he said yesterday: “It has been my intention for some while to stand down, and I am delighted that I will do so just as the economies of the world are turning for the better and that we have a management team which will make the most of [an] all-important investment plan which is now well under way.
“I am extremely proud of Huntsworth and what we have created,” he added.
Lord Myners, the former City minister who became chairman of Huntsworth recently, said: “Lord Chadlington is a hugely respected figure in public relations. From a standing start he has built Huntsworth into a group of leading global consultancies. It is quite understandable that he has concluded that the time is approaching when he should pull back from full-time executive duties.”
Huntsworth issued a profit warning in July and yesterday revealed that while revenues were down 6.5 per cent to £83.1m in the first half, pre-tax profits fell 24 per cent to £6.3m.
Shares in the group, which had fallen 40 per cent since April, gained 29 per cent yesterday, rising 12p to 53p.
Britain First criticised for using actress's memory to draw attention to their 'hate-filled home page'
Emergency call 'started off dumb, but got pretty serious'
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Axe wielding man shot dead after attacking four New York policemen on busy street
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
- 5 Ottawa shootings: Bruce MacKinnon's cartoon is the perfect tribute to soldier Nathan Cirillo
Renee Zellweger on plastic surgery rumours: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
This 'woman calls police to order pizza' story isn't going where you're expecting
Axe wielding man shot dead after attacking four New York policemen on busy street
Jimmy Carr's Oscar Pistorius joke goes a bit too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...