Rexam gives 'poison chalice' to new CEO
Graham Chipchase takes over as CEO at Rexam, where investors are unhappy with the management team and the company's recent rights issue
Hard-hit FTSE 100 packaging and bottle maker Rexam announced the promotion of
its former group finance director to chief executive although some analysts
believe this is a double-edged sword.
Graham Chipchase will have his work cut out as he succeeds Leslie Van de
Walle early next year. Analysts said the change was due to disgruntled UK
investors unhappy with the management team and the company’s recent rights
issue, estimated to have raised more than £350m.
Seymour Pierce analyst Kevin Lapwood said the company had given Chipchase a
“poison chalice”.
Chipchase joined as group FD in 2003, becoming plastics director two years
later.
Ernst & Young has been on a recruitment frenzy taking on 12 partners.
Seven are appointed to the tax divisions; four take up roles in advisory
services; and one will lead the global solutions team.
A third of the new partners are women with the firm can now boast it has
promoted 14 women to partner and hired 12 direct entry female partners in the
last 15 months.
The Tour Operators Margin Scheme (TOMS) is to undergo VAT changes on 1
January 2010. In response to this, the VAT Consultancy, which offers support to
companies as well as accountants, has appointed Mike Barnard to its team.
His most recent role was at HMRC, where he spent 26 years. He was responsible
for redrafting the current TOMS notice.
Watson Buckle has promoted Jennifer Bowie to personal tax manager. Bowie, who
joined the firm as a trainee in 1987, will now offer clients advice on tax as
well as tax investigations by HMRC.
Ewan Rosie, who recently graduated from Nottingham Trent University, takes on
the role of “paraplanner” at Cooper Parry. He was at the firm in 2008 on a
placement year from university and has returned to work on valuing client
investments and to support the private client directors.