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Analysts: Time is running out for Salvesen's boss
Page 5
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• by Sally Nash Transport analysts are warning that time is running out for Christian Salvesen chief executive Edward Roderick to turn the company around, following last week's resignation of finance director Peter Aspden.
Aspden's departure came only two weeks after nearly 30% of the company's shareholders refused to support the remuneration packages of Roderick and Aspden in protest at their two-year contracts and subsequent large pay-offs (CM 17-23 July).
Aspden, who resigned by mutual agreement with a pay-off of £470,000, is now regarded as the fall guy by the City—left to carry the can for the company's poor financial performance.
In June, Salvesen crashed to a £5.5m full-year loss and the group has issued a string of profit warnings over the last 12 months.
Alastair Gunn, a City analyst with Arbuthnot Securities, says Aspden should not take the entire blame for the company's struggle to improve its financial performance. "Most people think that the combined management team should be held to account for the pretty disastrous profit performance," says Gunn.
"h would be a surprise to some shareholders if there was only one resignation. There is now increased pressure on Roderick to turn the business around. If he delivers this year's consensus results he is buying time, but if he comes back to the City with another profit warning then it is likely that some shareholders will say he's got to go now."
A spokesman for Christian Salvesen admits that the board Is anxious to see a fresh approach with new blood, but stresses that it still has confidence in Roderick to turn the company's fortunes around.
"Edward Roderick's position is not under review," stresses the spokesman.
Aspden is being replaced by Julian Steadman, previously finance director at Biocompebbles, "while a permanent replacement is sought". Roderick was unavailable for comment.