FD steps down at Harrisons

JOHN WILLCOCK

A "personal disagreement" between finance director Martin Anderson of Harrisons & Crossfield and the rest of the board resulted in him resigning yesterday "by mutual agreement."

"We agreed jointly that we should part company," Harrisons' chief executive, Bill Turcan, said. A company source insisted there was no suggestion whatsoever of any impropriety, but that there had been personal disagreements in what was a "small, closely-knit management team".

Mr Anderson's total emoluments last year were pounds 191,000. since he is on a two-year contract he might receive a pay-off of nearly pounds 400,000. But details will only be revealed in the 1997 accounts due next year.

Mr Turcan was Harrisons' finance director before Mr Anderson and played a key role in his recruitment.

Mr Anderson joined two years ago from a merchant banking background and was heavily involved in the company's switch to acquisitions - it is expected to spend between pounds 200m-pounds 300m over the next few years.

Company sources said the acquisition plans, which will focus the conglomerate on chemicals and timber, would go ahead despite the resignation.

Harrisons's shares fell 9p to 148p yesterday. Analysts said that this was also the day when the company went ex-dividend. The grossed-up dividend was worth 6.75p.