Thomas Cook names Harriet Green as chief May 24, 2012 THOMAS COOK has named Premier Farnell boss Harriet Green as its new chief executive, ending a nine-month search for Manny Fontenla-Novoa’s successor after a string of profit warnings sparked his departure last year. Green, who has been at the helm of the FTSE-250 electronic parts distributor since 2006, will take over from Sam Weihagen, Thomas [...]
CITY VIEWS | CAN THOMAS COOK REINVENT ITSELF? May 24, 2012 JONATHAN WALTON DALTON WARNER DAVIS I think yes, but only if it gets the balance right. It needs to follow the lead set by other people, because it has a great brand name but the internet seems to provide the more cheap and cheerful option. It can build on it by providing the great quality [...]
CVC to cut F1 stake to 30pc May 24, 2012 PRIVATE equity firm CVC Capital Partners will cut its ownership stake in Formula One to about 30 per cent following the company’s initial public offering (IPO), by selling shares on the public market, sources said yesterday. CVC currently holds about 42 per cent of Formula One after it recently sold a $1.6bn stake to a [...]
BT boss earns £7.9m packet May 24, 2012 BT chief executive Ian Livingston took home £7.9m last year, including a £1.34m cash bonus and deferred shares worth £481,000. The BT boss earnt £240,000 towards his pension and expenses, and pocketed a £925,000 salary, which will not be raised next year. Livingston will also get £4.7m from BT’s £90m payout as part of its three year [...]
Mothercare to slash prices to boost UK sales May 24, 2012 MOTHERCARE revealed the details of an ambitious three-year plan aimed at reviving its struggling UK business yesterday, as the baby products retailer slumped to a £103m loss. Shares rose more than 23 per cent after Simon Calver, who joined in April from online movie rental firm Lovefilm, pledged to be “ruthless” on costs and bring [...]
Asos boss receives £25m shares bonus as retailer profits double May 24, 2012 NICK Robertson, the co-founder and chief executive of Asos, has been awarded almost £25m worth of shares after the online fashion retailer reported a near doubling of profits and strong overseas growth. Seven executives at the company have pocketed £66m in shares after reaching all of the targets set out in a three-year incentive plan. [...]
Revamp drives Moss Bros lift May 24, 2012 MOSS BROS shares rose two per cent yesterday after the menswear brand said revamped stores helped drive like-for-likes sales up by 8.9 per cent. The suits specialist said total sales for the first 16 weeks to 19 May rose 7.9 per cent compared to last year, despite tougher market conditions. It recently reopened its Regent [...]
Booker bullish as beats slump May 24, 2012 BOOKER Group, Britain’s biggest cash and carry wholesaler, said it remains on course to meet its expectations for the year despite a challenging economy as it posted a 27 per cent rise in full-year profit. The company, which has over 170 branches that supply convenience stores, restaurants, pubs, schools and prisons, said pre-tax profits increased [...]
Early exit for Carrefour boss May 24, 2012 France’s Carrefour sped up its transition to new management yesterday, saying that Lars Olofsson had retired at a board meeting, paving the way for Georges Plassat to take over as chief executive immediately. The retail veteran, who joined Carrefour on 2 April as chief operating officer, is tasked with reviving the struggling retailer. He was [...]
Swiss Re insures against longevity May 24, 2012 Dutch paint firm Akzo Nobel has signed a £1.4bn deal with insurer Swiss Re to cover the risk of increased pension costs if its UK employees live longer than expected. The agreement covers 17,000 individuals in a defined benefit pension plan that promises a fixed sum for every year the holder remains alive.
