Wenger steps up as Lyons quits Doulton
Thursday 29 May 1997
The company declined to disclose the compensation that would be paid to Mr Lyons, who had a two-year rolling contract paying pounds 175,000 a year.
In a statement ahead of yesterday's annual general meeting, Doulton warned about the impact of the strong pound and said trading at the start of the year had been "somewhat disappointing". Shares in the company slid 6 per cent to 261.5p.
Sources close to the company believe that Mr Lyons was asked to leave after the Doulton board rejected his proposals for an acquisition in Germany or the US. Doulton, which demerged from media group Pearson in 1993, said it had been in discussions regarding a possible transaction but would not now proceed. The group said interim results would include a pounds 1.6m charge relating to the deal.
Analysts welcomed the news of Mr Lyons' departure, but were disappointed that his successor would not be from outside the company. Mr Lyons will be replaced by Patrick Wenger, Doulton's managing director, who has been with the company for 37 years.
One analyst, who did not want to be named, said: "Stuart wasn't suitable as a chief executive. He didn't appear to be driving the company forward in the right way and was painting a rosy picture to outsiders. But I would like to have seen a new broom."
The group's trading statement prompted analysts to trim their profit forecasts. Kleinwort Benson has its numbers from pounds 19.8m to pounds 18.2m for 1997. Doulton said sterling was "adversely affecting both export sales and sales to tourists visiting the UK". Start-up costs relating to gas supply to the group's Indonesian manufacturing plant would also affect first-half results and would delay full production levels at the plant by three months. However the company said order books from Indonesia were well above expectations.
Analysts said a new focus on costs was needed and the group was struggling in difficult markets.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked 4Chan photos
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£35000 - £38000 per annum + benefits: Ashdown Group: Executive Assistant/Event...
£30000 - £32000 per annum: Ashdown Group: HR Generalist (standalone) - Tunbrid...
£600 - £800 per day: Harrington Starr: Derivatives Risk Commodities Business A...
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...