Today's People on the Move
Published: May 17 2001 16:00GMT | Last Updated: May 17 2001 16:24GMT
John Robinson to chair Railtrack
Railtrack, the UK's private sector railway infrastructure operator, said today it had appointed John Robinson as chairman.
Robinson is currently chairman of UK builder George Wimpey, coal miner RJB Mining, and packaging and plastics company Low & Bonar. He is a former chairman of Smith & Nephew, the medical instruments group.
He replaces Sir Philip Beck who announced he would step down some six months ago.
Robinson joins the board of Railtrack on June 4 and begins his role as chairman a month later.
Embroiled in controversy over the condition of the rail infrastructure and the cost of its repair as well as months of delays to rail services after a crash north of London late last year, the company has had to search hard to find a suitable candidate who would accept the post of chairman.
Recently, Railtrack appointed a new finance director, business development director and non-executive director.
Clariant fails to find new chief
Clariant, the Swiss speciality chemical giant, has failed to find a replacement for Rolf Schweizer, 70, the company's chairman who has l ed the group since its 1995 spin-off from Sandoz.
Schweizer, who has been in the industry for more than 40 years, has agreed to remain in office for another year despite having reached retirement age.
Reinhard Handte, 55, Clariant's chief operating officer, has taken over Schweizer's role as chief executive.
Schweizer told the company's annual meeting on Wednesday that the increasing public criticism of company chairmen in Switzerland had made it "increasingly difficult to find people willing to take on this demanding role". William Hall, Zurich
Ciena replaces CEO
Ciena, a communications equipment maker, today announced it has replaced its CEO.
Gary Smith, president and chief operating officer, willtake the role of CEO from Patrick Nettles, who will become executive chairman.
"Ciena's business has demonstrated remarkable resilience throughout these last several quarters of tightening macro-economic conditions," Nettles said.
PCCW to replace founder
Pacific Century CyberWorks, the struggling internet group that bought Hong Kong Telecom, has appointed headhunters to find a chief executive to replac e 34-year-old founder Richard Li.
Li, a symbol of Asia's internet boom and younger son of Hong Kong tycoon Li Ka Shing, is expected to take a less operational role in future following a series of recent setbacks.
As executive chairman of PCCW, he has presided over a 90 per cent fall in its share price since bidding for control of Hong Kong Telecom with highly rated internet shares in February 2000.
People close to the board said a search was under way for an experienced US telecommunications executive to take day-to-day responsibility for running the company, leaving Li to concentrate on strategy.
Li insisted on Wednesday that he had no immediate plans to change his role but said that he might step back in six months if a suitable replacement could be found.
"There are a couple of agencies looking for new people to join the board; we are always on the search for talent," he said.
"I have no intention at the moment of standing down, but, as a shareholder, if I feel someone else would be better at putting it [PCCW] in the right shape for the long term, I would not hesitate. I cannot see that this will come this year."
Last month, several disgruntled investors threatened to sue Li after allegations that he exaggerated his educational credentials.
Li admitted he had not completed a computer engineering degree at Stanford University despite claims by several of his companies that he had.
Li, one of the best known business figures in Hong Kong, subsequently avoided a crowded press conference called to promote the company's exchangeable bond - leaving embarrassed directors to field questions about his time at Stanford.
More troubling has been the financial state of his company, which is suffering from severe price pressure and has struggled to raise money to pay off debts built up through the acquisition of Hong Kong Telecom from Cable and Wireless of the UK.
If Li does agree to take a back-seat role and hand over management control to a more experienced executive, he would be the latest in a line of young internet entrepreneurs to have done so.
Yahoo! and eBay in the US and Bookham, Framfrab, Orchestream and QXL in Europe have seen similar management successions.
However, the man once dubbed Hong Kong's most desirable bachelor may find it an embarrassing admission of failure given the high expectations placed on his career by his family background.
His father's company, Hutchison Whampoa, is one of the largest in Asia and Victor Li, his elder brother, is already tipped to take over when his father dies. Dan Roberts, London
More Movers
3i, the venture capital and investment company, today named Baroness Sarah Hogg non-executive chairman to replace Sir George Russell, who is retiring, effective December 31. Hogg is a currently a chairman of the Audit and Compliance Committee of the board of directors.
People on the move is edited by Ellen Kelleher. Please contact ellen.kelleher@ft.com with additional appointments.
news.ft.com |
