Fallen stars struggle to hire chairmen

Musical chairs

12 December 2002 By Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon Follow @hugodixon

The solution is to give new chairmen a significant slice of the upside. Pay them with shares. In the UK, bombedout companies like C&W, Corus and RSA are finding it hard to recruit new chairmen. The reputational risk is too great.

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Cable & Wireless and Corus were two of the stocks kicked out of the UK's FTSE 100 index this week following sharp falls in their share prices.

Both companies are seeking to recruit new chairmen.

C&W's Sir Ralph Robins has stayed on temporarily. David Nash, the chairman designate, said he would not take up the post after investors objected to his appointment. One candidate touted for the post Sir Richard Giordano, chairman of BG – has made clear he is not interested.

Meanwhile, Corus is looking for a new chairman to replace Sir Brian Moffat. David Leng, deputy chairman, has turned down the role, according to a person familiar with the situation.

RSA is also finding it hard to recruit a new chairman, according to a person familiar with the situation.

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