Harland has also appointed two company doctors to the board in a bid to secure its survival. Sir Ian Morrow, who rose to prominence as a company doctor in the 1960s with his involvement in the rescue of Rolls-Royce, was appointed to the board's executive committee. But David Mahony, who was brought back to replace Roy Ashman as chairman in February, will remain in the post.
Tony McCann becomes chief executive and deputy chairman of the executive board. He recently failed to rescue Astra Holdings, after being brought in as chief executive by institutional investors.
Harland's shares have been suspended at 20p since the beginning of the month 'pending clarification of its financial position' after Barclays Bank refused to release the proceeds of an pounds 8.1m disposal. Harland said yesterday it still had the support of its bankers.
Sir Ian and Mr McCann will be conducting a review of the financial position and prospects of the group, which is likely to take several weeks. It is in talks about selling Contraves, its electronic control subsidiary.
Harland said that Mr Redshaw had 'waived all claims against the company' and no compensation for loss of office would be paid.Reuse content