Lenigas quits as chairman of Lonrho
Friday 14 September 2012
David Lenigas has stepped down as executive chairman of Lonrho to focus on his other interests, including fastJet, the new budget African airline backed by easyJet's founder, Sir Stelios Haji-Ioannou.
He will be replaced at Lonrho by Frances Cook, the company's senior independent director, who will be non-executive chairman. She is a former US ambassador to Burundi, Cameroon and Oman.
FastJet was founded earlier this year after Lonrho, the rump of Tiny Rowland's African-focused conglomerate, reversed its existing East African carrier, Fly540, into an Aim-listed cash shell. Sir Stelios took a 5 per cent stake.
Mr Lenigas ran into a boardroom pay row earlier this year when Sir Richard Needham quit Lonrho as a non-executive director the day before the annual shareholders' meeting, criticising plans to pay the chairman a £200,000 rise, taking his total remuneration to £700,000.
Sir Richard, a former trade minister, rekindled memories of Lonrho's run-in with Edward Heath in the 1970s, when the then prime minister described Mr Rowland as the unacceptable face of capitalism over the company's links with Rhodesia.
In his resignation letter, Sir Richard said "it would be a pity" if the phrase came to haunt Lonrho again. Over a fifth of shareholders voted against the remuneration report at the AGM.
- 1 2015 General Election: Green party will not appear in TV debate alongside Ukip – says BBC
- 2 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 3 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 4 North Korean officials 'publicly executed for watching South Korean soap operas'
- 5 Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
North Korean officials 'publicly executed for watching South Korean soap operas'
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...