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Forced break for new boss
Page 14
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Chirstian Salvesen has a new chief exec — but he's not allowed to start work yet. David Harris reports.
CHRISTIAN SALVESEN will have to wait until next spring before its newly appointed chief executive,Stewart Oades, can start his job.The problem lies in the fine print of the contract between Oades and his former employer, Exel —it requires a period of grace before Oades can start work for anybody else.
Exel's chief executive John Allan says he wishes Oades well in his new job but sees little point in having restriction clauses in contracts unless they are enforced.
A spokesman for Salvesen says that the company accepts it may have to wait a few months for Oades to join the company.
Oades was Exel's chief executive of contract logistics for the UK and Ireland. He has worked for Christian Salvesen before when he was managing director of its food logistics operations from 1993-96.
By the time Oades takes over Christian Salvesen it will have been without a chief executive for nearly a year, since Edward Roderick left last May.
It has been a turbulent couple of years for Salvesen. Roderick's departure came after a string of profit warnings; its shares fell 15% this summer following poor results; and a recent proposed merger with TDG was scrapped this month because the two firms could not agree on strategy.
The share price has now recovered from its 12-month low of 46.5p to pass the 60p mark, but analysts still see the company as a potential takeover target in a consolidating market.