Bank on the Yank

24 December 2002 By Rob Cox Follow @rob1cox

Following appointments of new CEOs at Vodafone, Lloyds TSB and Cadbury, Yanks now head 30% of the UK s top 10 companies by market value. Isn t this odd? After all, 2002 will go down as the year of US corporate scandal. And previous recruits have not done fantastically.

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In the past few weeks, three of Britain's bluest chip firms named US citizens as their new chief executive officers. On Friday, Lloyds TSB named Eric Daniels to replace Peter Ellwood. Arun Sarin will succeed Sir Christopher Gent at Vodafone. And Todd Stitzer will become the new CEO at Cadbury Schweppes when John Sunderland becomes chairman.

Also last week, Belgium's Interbrew named John Brock to replace Hugo Powell as CEO.

Among Britain's FTSE 100, seven companies are headed by American chief executives, including Amvescap, Cadbury Schweppes, Lloyds TSB, Reuters, Vodafone, Pearson and Wolseley. In addition, the CEOs of P&O and Glaxo hold dual citizenship with the US. South Africans lay claim to six FTSE bosses, followed by Canadians with three, and Australia and the Netherlands with two each.

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