Rangers confirm David Somers as acting chairman ahead of chief executive appointment

Somers has a built a career in fund management and will oversee the appointment of a new chief executive after Walter Smith left three months ago

Rangers have appointed fund manager David Somers as their acting chairman.

The club announced to the London Stock Exchange that the 65-year-old would oversee the appointment of a chief executive, a role which has been vacant since Craig Mather left.

The club also announced that their annual general meeting would be held on December 19.

Rangers have been without a chairman since Walter Smith stepped down three months ago while Mather left on October 16, days after a group of dissenting shareholders succeeded in a Court of Session bid to force the postponement of the AGM.

The club's statement to the stock exchange read: "The board of Rangers announces that it has appointed David Somers as an independent non-executive director and acting chairman.

"Mr Somers is an honours economic studies graduate and a qualified accountant (Fellow of the Association of Chartered Certified Accountants).

"He spent all his career in fund management and in addition has considerable experience in matters of corporate governance."

A spate of board departures amid an acrimonious power struggle left just two directors on the Rangers PLC board, Brian Stockbridge and James Easdale, before the announcement regarding Somers on Thursday morning. Easdale's brother and business partner, Sandy, is also on the football club board and holds a significant shareholding and proxy voting rights.

Former oldco Rangers director Paul Murray led the court action to postpone the AGM in order that shareholders could consider his bid to be elected to the board along with allies Scott Murdoch, Alex Wilson and Smith's predecessor as chairman, Malcolm Murray.

Rangers are legally bound to hold their AGM before the end of the year and the delay until the week before Christmas could see the current directors bid to fill the board with their allies, although they will all be subject to re-election on December 19.

Another former oldco Rangers director, Dave King, last week admitted failure in his bid to secure a compromise deal between the competing factions.

The club's statement added: "Mr Somers will oversee the current process of appointing a high calibre chief executive officer and further independent non-executive director(s) to form a unified board and provide stability for Rangers. "In order to allow time for the process outlined above to be progressed, the company will hold its annual general meeting on Thursday 19 December."

The statement continued: "Mr Somers will, in accordance with Rangers' Articles of Association, be subject to re-appointment by an ordinary resolution of the shareholders at the AGM."

The statement gave further details of Somers' business background, stating his current directorships on insurance group ACE Europe Life; Europe Arab Bank; a Fujitsu pension plan and TCF Investment Managers.

The statement added: "Mr Somers is not currently beneficially interested in the issued share capital of the company."

PA

News
peopleHowards' Way actress, and former mistress of Jeffrey Archer, was 60
Sport
Romelu Lukaku puts pen to paper
sport
News
Robyn Lawley
people
Arts and Entertainment
Unhappy days: Resistance spy turned Nobel prize winner Samuel Beckett
books
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
people
Life and Style
Troy Baker and Ashley Johnson voice the show’s heroes
gamingOnce stilted and melodramatic, Hollywood is giving acting in video games a makeover
News
i100
Life and Style
Phones will be able to monitor your health, from blood pressure to heart rate, and even book a doctor’s appointment for you
techCould our smartphones soon be diagnosing diseases via Health Kit and Google Fit?
News
people
Extras
indybest
Travel
Ryan taming: the Celtic Tiger carrier has been trying to improve its image
travelRyanair has turned on the 'charm offensive' but can we learn to love the cut-price carrier again?
Sport
Usain Bolt confirms he will run in both the heats and the finals of the men's relay at the Commonwealth Games
commonwealth games
Life and Style
Slim pickings: Spanx premium denim collection
fashionBillionaire founder of Spanx launches range of jeans that offers 'thigh-trimming construction'
News
Sabina Altynbekova has said she wants to be famous for playing volleyball, not her looks
people
News
i100
Life and Style
tech'World's first man-made leaves' could use photosynthesis to help astronauts breathe
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

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

Career Services

Day In a Page

Save the tiger: The day America’s love of backyard tigers led to a horrific bloodbath

The day America’s love of backyard tigers led to a horrific bloodbath

With only six per cent of the US population of these amazing big cats held in zoos, the Zanesville incident in 2011 was inevitable
Samuel Beckett's biographer reveals secrets of the writer's time as a French Resistance spy

How Samuel Beckett became a French Resistance spy

As this year's Samuel Beckett festival opens in Enniskillen, James Knowlson, recalls how the Irish writer risked his life for liberty and narrowly escaped capture by the Gestapo
We will remember them: relatives still honour those who fought in the Great War

We will remember them

Relatives still honour those who fought in the Great War
Star Wars Episode VII is being shot on film - and now Kodak is launching a last-ditch bid to keep celluloid alive

Kodak's last-ditch bid to keep celluloid alive

Director J J Abrams and a few digital refuseniks shoot movies on film. Simon Usborne wonders what the fuss is about
Once stilted and melodramatic, Hollywood is giving acting in video games a makeover

Acting in video games gets a makeover

David Crookes meets two of the genre's most popular voices
Could our smartphones soon be diagnosing diseases via Health Kit and Google Fit?

Could smartphones soon be diagnosing diseases?

Health Kit and Google Fit have been described as "the beginning of a health revolution"
Ryanair has turned on the 'charm offensive' but can we learn to love the cut-price carrier again?

Can we learn to love Ryanair again?

Four recent travellers give their verdicts on the carrier's improved customer service
Billionaire founder of Spanx launches range of jeans that offers

Spanx launches range of jeans

The jeans come in two styles, multiple cuts and three washes and will go on sale in the UK in October
10 best over-ear headphones

Aural pleasure: 10 best over-ear headphones

Listen to your favourite tracks with this selection, offering everything from lambskin earmuffs to stainless steel
Commonwealth Games 2014: David Millar ready to serve up gold for his beloved Scotland in the end

Commonwealth Games

David Millar ready to serve up gold for his beloved Scotland in the end
UCI Mountain Bike World Cup 2014: Downhill all the way to the top for the Atherton siblings

UCI Mountain Bike World Cup

Downhill all the way to the top for the Atherton siblings
Save the tiger: The animals bred for bones on China’s tiger farms

The animals bred for bones on China’s tiger farms

The big cats kept in captivity to perform for paying audiences and then, when dead, their bodies used to fortify wine
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK

A former custard factory, a Midlands bog and a Leeds cemetery

Introducing the top 50 hidden spots in Britain
Ebola epidemic: Plagued by fear

Ebola epidemic: Plagued by fear

How a disease that has claimed fewer than 2,000 victims in its history has earned a place in the darkest corner of the public's imagination
Chris Pratt: From 'Parks and Recreation' to 'Guardians of the Galaxy'

From 'Parks and Recreation' to 'Guardians of the Galaxy'

He was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star