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(Alliance News) - The following is a selection of London-listed company director and manager changes announced on Thursday and Friday and not separately reported by Alliance News:
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Tullow Oil PLC - West Africa-focused oil and gas producer - Confirms Phuthuma Nhleko will become chair on January 1, replacing Dorothy Thompson. Tullow had announced the appointment back in October but hadn't confirmed a date. Nhleko was chief executive and later executive chair of pan-African mobile phone carrier MTN Group Ltd. The South African national also has served on the boards of BP PLC, Anglo American PLC, Nedbank Group Ltd and Old Mutual Ltd.
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Ted Baker PLC - London-based luxury retailer - Says search for a new chair is now underway following the death of John Barton earlier this month. As previously announced, Helena Feltham is serving as interim chair, stepping up from senior independent director. Andrew Jennings, who was planning to leave the board in January, instead will remain until the 2022 annual general meeting. Meg Lustman will be non-executive director for employee engagement, a job previously done by Feltham.
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Litigation Capital Management Ltd - Sydney-based litigation financing - Removes Nick Rowles-Davies from his position of executive vice chair, effective immediately, after Rowles-Davies was "terminated on the grounds of gross misconduct" by subsidiary LCM Corporate Services Pty Ltd. Says termination followed discovery of expense claims that broke company policy. "While the breaches are a significant violation of internal company policies, their quantum is not material to LCM's financial condition and performance," it says.
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Focusrite PLC - High Wycombe, Buckinghamshire-based hardware and software for musicians and entertainment industry - Founder Phil Dudderidge will move from executive chair to non-executive chair from January 1. David Bezem is promoted to senior independent director from the same date.
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GYG PLC - Mallorca, Spain-based super-yacht painting, service and supply company - Stephen Murphy steps down as independent non-executive chair, replaced by Richard McGuire, both immediately. McGuire was chair and then chief executive officer of Sportech PLC, stepping down in August after completing a restructuring at the betting technology firm. Separately, GYG says it has repaid the EUR3.0 million short-term loan provided by North Atlantic Smaller Cos Investment Trust PLC, an associate of second-largest shareholder Harwood Capital LLP. Funds to repay the loan came from a new loan of the same amount from Harwood Capital Management Ltd. The new loan has a reduced interest rate of 8% per annum and a maturity date of March 31 next year. The loan is secured against invoices due for work done for Nobiskrug Shipyard. GYG says it remains confident in getting the invoices paid.
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By Tom Waite; thomaslwaite@alliancenews.com
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