Singer successor says Telewest restructuring is 'inevitable'

Adam Singer was forced out as chief executive of Telewest after he resisted a greater role for the company's non-executive directors, it emerged yesterday, when his replacement said a financial restructuring was now "close to inevitable".

Mr Singer was ousted on the eve of yesterday's second quarter figures after a boardroom bust-up. Charles Burdick, the former finance director who was immediately named as the successor, said Mr Singer's style clashed with a desire among the non-executives to scrutinise the company more closely and to be involved in major decisions. They were concerned about corporate governance responsibilities, he said, following the recent spate of company scandals.

Mr Burdick said: "It was building toward a confrontation. But when it happened on Monday morning, it was not what Adam expected. The independent directors wanted a cleaner partnership.... Adam was not comfortable with that."

He denied speculation that Mr Singer had opposed a financial restructuring of the company, which is likely to see a debt-for-equity swap to relieve the company of its crippling £5.3bn debt pile.

"Adam's style is very defined but we don't need a visionary and strategic leader at this point. I have a very different financial background," said Mr Burdick. He said that he wanted to move forward "as soon as possible" to the financial restructuring, which was "90 per cent" probable to happen. He added that the necessary bank consent required for the deal was a "formality" and would come "shortly".

Telewest reported a net loss for the first half of the year of £239m. It lost a net 13,000 customers in the second quarter.