View from City Road: Corporate soap runs on and on
Friday 07 October 1994
With the two joint chief executives, Tiny Rowland and Dieter Bock, still at each other's throats, it has proved impossible to find any kind of suitable outsider to come in as chairman. Sir John is a stopgap until the situation is resolved.
He cannot be relishing the role. Mr Bock hopes to persuade Tiny to leave by Christmas but Mr Rowland seems as determined to stay as ever. The only way he will be leaving Lonrho, he is prone to say, is in a box.
Everything has its price, however. If Mr Bock were prepared to pay a substantial premium over the market price for Tiny's remaining shares in Lonrho, worth about pounds 65m, and the severance terms were acceptable, he might be prepared to go.
Neither seems likely. Unbelievably for a company that is meant to be the very antithesis of good corporate governance, Tiny has no contract, which means the company is under no obligation to him at all.
No gold-plated pay-offs for Tiny, it seems. Nor, if you believe Mr Rowland, does Mr Bock have the money to buy him out. And if he does have the money it will do him no good anyway, Tiny claims in moments of bravado. Tiny would only buy back the shares in the stock market.
Britain's longest-running corporate soap shows no sign of ending. Poor Sir John.
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
London council removes 'unacceptable' Stamford Hill posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan in new celebrity hacking attack weeks after Jennifer Lawrence scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Alan Henning kidnapping: British aid worker's wife appeals to Isis to release him
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...