BusinessCompany NewsFirst non-execs for MG Rover parent company

First non-execs for MG Rover parent company

Phoenix Venture Holdings, MG Rover's parent company, yesterday appointed its first non-executive director after mounting pressure over directors' pay.

Link: The Debate: Are NEDs effective?

An audit and remuneration committee is to be set up and chaired for Phoenix by Nigel Petrie, the chairman of Manchester-based electronic security equipment maker, Dedicated Microcomputers.

PVH’s deputy chairman said Petrie was selected from around 30 candidates partly due to his experience outside the motor industry.

Petrie will receive £25,000 to chair the committees and a further £25,000 to act as non-executive director of Rover.

Rover has suffered from falling sales after revelations about multi-million pound salaries and bonuses paid to Phoenix’s four directors who bought the UK’s largest independent car group for £10 from BMW in 2000.

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