Publisher takes modest approach on top pay

CITY DIARY

Emap, the magazine publisher, is clearly moving with the times over executive share incentive schemes. David Grigson, finance director, was at pains to explain that the incentive scheme announced yesterday was dedicated to keeping the best and the brightest talent committed to the company.

"That means none of us board directors will be included," he said.

The City's appetite for bizarre new sports is being tested next month with the introduction of something called golf-croquet at Exchange Square.

The game is apparently an abridged version of croquet, and will be played on the tiny patch of grass beside the large fountains in the centre of the plush new development, which houses institutions such as Herbert Smith, Bankers Trust and NatWest Securities.

It will be sponsored by Corney & Barrow, which also backs broomball at Broadgate, boules at Canary Wharf, electronic golf at Lloyd's and ringing the monument at the Monument.

Work at Canary Wharf has virtually ground to a halt since the arrival of the Vainquerre, a beautiful 60ft yacht in the marina at the foot of the tower. Noses have been pressed against the windows as workers incarcerated in the glass tower gaze at the fine lines and immaculate form below. It is nothing to do with the Antipodean crew of elegant young females who brought the yacht from France.

Martin Read, newish chief executive of Logica, appears to have swept another of the old guard out the door in his attempts to reinvigorate the once-great British computer group. Colin Rowland, UK chairman with Logica for 24 of its 25 years, is to retire of next month "to spend more time with his family". He joins former chief executive David Mann, who clocked up a quarter century with the company, and Andrew Karney, a 21- year veteran, both of whom left last year.

The presence on the board of founders Len Taylor and Philip Hughes as non-executive directors ensures Mr Read keeps in touch with Logica's roots.

Personnel director Jim McKenna says: "I have no doubts that Colin will continue to have a relatively close association with Logica." That is, of course, if he can tear himself away from his family and other attractions, which include a house in the south of France.

George Cazenove, the exuberant scion of the stockbroking family seeking his fortune in trading clothes, has opened a shop in the City. Mr Cazenove began his career as a jockey but after breaking almost every bone in his body he joined Garban, the securities house, as a bond dealer. The collapse of British & Commonwealth led to his redundancy and he used his pay-off to start a shop called Bertie Wooster, selling second-hand suits in Fulham. He now plans to repeat that success with a second shop.

His career came to national attention two years ago when he was blackballed from the Turf Club. Mr Cazenove, who admits to being a lover of parties, claims the member who blackballed him set fire to his turban at a summer dance. The young retailer had taken the only choice available to a man of honour in such a situation and he punched him.

The former broker is pictured (right) with his partner in the newly established Moorgate venture, Duncan Cavenagh, a former guards officer who runs a shirt shop in Fulham.

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