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.