Rank under pressure to clarify Gifford `departure'
Monday 06 February 1995
Mr Gifford, 59, whose bluntness and autocratic style have made him one of the City's best-known figures, is said to have negotiated a £1m pay-off.
A spokeswoman refused to confirm or deny suggestions that Mr Gifford had planned to announce his resignation at the company's annual meeting later this month.
Nor would she comment on rumours of increasing tension between Mr Gifford and Sir Denys Henderson, the former ICI executive who takes over as chairman on 1 March.
"Mr Gifford has said all comment is to go to shareholders through the normal channels [the Stock Exchange] and not through the media," the spokeswoman said.
News that such a high-profile figure could be leaving will unsettle investors who are unlikely to be prepared to wait until the end of this month for news.
Mr Gifford was praised in the City in the 1980s for the way he cut costs and rationalised operations, but disenchantment had begun to set in about recent decisions.
The disposal of 40 per cent in Rank Xerox for £620m disappointed investors who felt the shareholding was worth more.
Mr Gifford is on a three-year contract and would not have to retire until he was 62. Although the shareholders' meeting this month will be told that all directors are to have their three-year contracts reduced to two, the change would not take effect until next year
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
- 4 Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
- 5 Grumpy Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...