rumour or fact?29 Nov 2010 10:31
Times article - THERE has been an end-of-an-era feeling at Mecom, David Montgomery’s European newspaper publisher, since the former Mirror Group boss announced his retirement in September.
For the shareholders who had been agitating for his exit, the news had been a long time coming. One of the rebels, Invesco, has since quit the stock, giving rise to rumours that Monty had secured a stay of execution. But investors who bought the Invesco shares did so on the understanding that he would definitely go. Also, the remaining rebels, Aviva and Legal & General, have upped their stakes to protect their position.
Monty is expected to make his final bow in mid-January, alongside Mecom’s trading update. Sales were falling at 3% when it reported in October.
Since then, Russell Reynolds, the headhunter, has drawn up a three-man shortlist for his replacement. The preferred candidate could be announced in days.
Friends say it would be uncharacteristic for Monty to go quietly, particularly after spending a decade building up the business through a string of acquisitions in the Netherlands, Poland, Denmark and Norway.