Top men resign from Rank's board

The chief executive and finance director of Rank both stepped down yesterday, a day after the bingo and casino operator changed its recommendation for the second time on a takeover offer from its largest shareholder Guoco Group.

The chief executive Ian Burke and finance chief Paddy Gallagher resigned from the board, although both will stay on to ensure an orderly handover to their successors, Rank said. Rank declined to comment on the reason for their exits.

Rank said on Monday that investors should weigh up the risk that Guoco may delist the company in deciding whether to accept its 150p per share offer, after the bidder failed to commit to keeping Rank's stock market listing.