Scholl rebels hail new appointment
Tuesday 04 June 1996
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.
- 1 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
- 2 Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
- 3 Reading Festival 2014: Tesco branch replaces salad with Jager and potatoes for vodka as campsite opens tomorrow
- 4 Here’s the damning letter Robin Williams wrote to his Mrs Doubtfire co-star's principal after they expelled her
- 5 Ferguson protests: 90-year-old Holocaust survivor Hedy Epstein ‘arrested’ by police during St Louis demonstrations
Syria conflict: President Assad finally turns on Isis as government steps up campaign against militant strongholds
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Celebrity Big Brother 2014: Audley Harrison meets Kellie Maloney: 'Was Kellie really the best you could come up with?'
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...