Gavin Simonds resigned yesterday amid rumours of a clash with the company’s majority shareholder, Singapore’s City Developments.
M&C gave no official reason for the sudden departure of Simonds, but analysts are reported to have said there may have been a clash of personalities.
Simonds had previously been the joint managing director of Inter-Continental Hotels, and had been brought in to M&C because of his experience as a global hotel operator.
The 47-year old chartered accountant had also resigned suddenly as a non-executive for casino operator London Clubs International following a boardroom row.
Earlier the hotel group had announced 500 job cuts in the wake of 11 September, and has seen its share price fall from 474p to 284.5p in the past 12 months.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements