WH Smith starts search for new chairman
AGM move fall short of shareholder demands
January 29 2004
WH Smith has started its hunt for a new chairman but has stopped short of meeting demands from some shareholders for chairman Richard Handover to step down early.
The book, news and entertainment retailer is trying to ward off plans by some shareholders to vote against the pay deal for new chief executive Kate Swann in the face of a poor performance by the business over recent months.
Handover, who took over as chairman this year after a six year stint chief executive, is due to remain as chairman until January 2005. His AGM statement says search for a new chairman is underway but does not give a timetable for the succession.
Having agreed the sale of its underperforming US hotel and travel businesses, WH Smith also said the closure of its US head office in Atlanta is set for March 31. The company will now review options for the WH Smith Asia Pacific business.
As expected Walker Boyd, finance director of Signet Group, is to join WH Smith as a non-executive director.
Handover said: “I am delighted that Walker Boyd has agreed to join WHSmith. He brings with him extensive retail experience and he will be an excellent addition to the board.
“Following the completion of the final part of the sale of WHSmith USA Travel Retail, we will now turn our attention to the search for a new chairman to succeed me.”
