Surprise departure for Invensys chief Henriksson
Friday 25 March 2011
Invensys surprised the market by announcing the departure of its chief executive, Ulf Henriksson, yesterday. News of the shake-up sent the FTSE 100 engineering group's shares down by more than 8 per cent at one point.
Mr Henriksson triggered a sudden jump in the Invensys share price last year when he speculated that its partner China Southern Rail Company could mount a takeover at the right price. The spike, which sent the shares up by around 9 per cent on the first day of trading after the comments came to light, forced the company to issue a statement denying that it was in talks regarding a possible offer or "about a strategic partner taking a minority stake".
Yesterday, the engineering group, which also said it still expected full-year results to be in line with market hopes, named its finance director, Wayne Edmunds, as Mr Henriksson's replacement with immediate effect. David Thomas will serve as the acting finance director until Invensys makes a permanent appointment.
Mr Henriksson's contract stipulates a 12-month notice period, meaning that he is entitled to the £820,00 basic salary he earned in the year to March last year, while pensions and any additional payments are subject to negotiation.
Mr Edmunds's basic salary has been bumped up to £650,000 from £425,000 as a result of the promotion, the company said.
At the close, Invensys shares were 4.5 per cent, or 16.1p, lower at 341.2p, ending as the weakest of the blue chips.
- 1 Stephen Fry explains what he would say if he was 'confronted by God'
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 4 Ball pool for adults opens in London
Stephen Fry explains what he would say if he was 'confronted by God'
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
Hard line on immigration could cost Tories the election
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...