End of an era at Fodens
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THE CATALYST between his company and the institutions of the city was how a shareholder described Fodens' chairman, Mr Bill Foden, at the annual general meeting in Sandbach this week.
Earlier the Chairman had again confirmed that in order to qualify for the Om loan from the city there would be a reorganisation of management within the company.
A new financial director is to be appointed and there will be a new non-executive chairman and another city appointment to the board. None of these positions has yet been filled and Mr Foden assured share holders that the existing board had the power of veto over anyone dominated by interested parties from outside the company. Nominees must be acceptable to both parties, he said.
A link with Foden's past was broken when the chairman announced that Mr J. E. Foden and Mr E. T. Twemlow had decided to retire. The decision, effective from the end of the meeting, brings to a close many years' association with the company for both men. They served on the company board from 1940 to 1975 and from 1951 to 1972 were joint managing directors.