Rangers appoints ACCA-qualified Somers as chairman

by Calum Fuller

More from this author

07 Nov 2013

  • Comments
Rangers

AN ACCA FELLOW has been named independent non-executive director of Glasgow Rangers FC, as the Ibrox club continues its search for a new chief executive.

David Somers will serve as acting chairman and lead the process of sourcing a new club CEO to replace previous incumbent Craig Mather, who left on 16 October. Somers will also look to add further "high calibre" non-executive directors to the board.

He has spent all his career in fund management, notably as chairman of the Shepherd Network and later the Shepherd Friendly Society.

It has been a turbulent time for the 54-time Scottish champions, now playing in Scottish League One - the third tier - following an insolvency process in 2012 which resulted in the liquidation of the club's holding company and the creation of a newco housing the club. Rangers was penalised with relegation to the basement division - then known as the Scottish Third Division, now Scottish League Two - which it won last season by a huge margin.

The club still faces an upper-tier tribunal hearing next year as HM Revenue & Customs challenges an employee benefit trust (EBT) it used to pay players tax-free.

Last year the taxman was defeated at a first-tier tribunal, which ruled in favour of Rangers' use of the EBT. The ruling said the club had legitimately used the scheme between 2001 and 2010 to pay £47.65m to players and staff in tax-free loans.

Somers is currently a non-executive of ACE Europe Life, part of the ACE Group of insurance and reinsurance companies; non-executive director and chairman of audit and risk committee of Europe Arab Bank; independent trustee and chairman of the investment sub-committee at Fujitsu Technologies International Pension Plan and chairman of the investment committee at TCF Investment Managers.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.