On 28th November 2005, Stanelco announced that Ian Balchin was standing down as CEO and his position was taken by Martin Wagner. Balchin now holds the position of Executive Vice Chairman.
Executive Vice Chairman sounds very much like a non-existant job to me, and I cannot think of any aspect of management which would fall into the remit of such a position.
In my experience it is rare that a CEO stands down because he wants to. It looks to me that Balchin has been pushed out, and I suspect that his handling of the Court Case and associated RNSs, might have been the cause.
If this is correct, then it suggests that SEO have cleared the decks because it would be untenable to retain a CEO who had lost the company a fortune in unsuccessful litigation as well as any business from Cardinal which might have come from the apparently abandoned Ingel.
I cannot think of any other news which would have moved the price of BPRG shares up from 30p to 51p in the space of a few weeks.
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