Scholl rebels hail new appointment

Julian Treger, leader of the rebel shareholders at Scholl, makers of the famous sandals, yesterday declared victory in his battle with the board after the appointment of Stuart Wallis, the former chief executive of Fisons, as the new chairman-elect. Mr Wallis will replace Gordon Stevens, the present incumbent, in July.

Since September, Mr Treger and his colleague Brian Myerson have with JO Hambro and Partners, a small investment bank, been orchestrating a campaign against the board under the leadership of the 70-year old Mr Stevens.

Tom Long, a non-executive director since 1991, also yesterday announced his resignation, apparently because he was unable to agree to the terms proposed for the new chairman.

Mr Wallis is to receive a basic, non-pensionable salary of pounds 100,000 and will participate in an incentive scheme which will give him up to pounds 1m if the company's share price performance matches the upper quartile of the FT-SE 250 index over the next two years. Mr Wallis was widely credited with turning round Fisons after a series of disasters under previous management, before selling out to Rhone-Poulenc Rorer last year for pounds 1.8bn and nearly tripling the share price.

Mr Treger said: "We are just very happy that after a month of prevarication the board of Scholl has bowed to the wishes of a majority of shareholders. We believe this is a victory for shareholder pressure in the UK and are very pleased that someone of [Mr Wallis's] calibre is coming on board."

Mr Wallis said he had been approached by the rebel group six to eight weeks ago, but had had very little contact with them since. He had made clear he would not take up the job without agreement to two conditions. "Firstly, unless it was understood that I wouldn't favour them above any others and secondly that a majority of the company's shareholders had to be quite clear that wanted me. It rapidly became quite clear that that was the case."

He refused to elaborate on any plans for the business before embarking on a world tour of the operations over the next four the six weeks in the company of Colin Brown, chief executive. "Obviously I have got one or two ideas, but I don't want to formulate those from outside until I have been around and seen one or two businesses from inside."

He suggested there were unlikely to be any further board changes. Since leaving Fisons, Mr Wallis has taken on the chairmanship of LLP, owners of Lloyds of London Press, and Sheffield Forgemasters.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'