French parent Covea clear outs chief executive Peter Halpin and executive board over share dispute.
Swinton has had its entire executive board cleared out by French parent Covea, in a dramatic dispute over the board’s performance-related share scheme payments.
The change means Swinton chief executive Peter Halpin exits along with a clutch of fellow directors.
A statement from Swinton said: “The board of Covea, the ultimate parent company of Swinton Holdings and Swinton Group Limited, has replaced the executive board of Swinton Group Limited.
“A new executive board has been appointed with immediate effect who, along with the senior management team, will ensure the continued smooth running of the company.
“Covea has taken this action because it had lost confidence in the executive board. It was concerned that the former executive board has put their short term interests ahead of the long term interests of the company and its employees.
“The issue concerns the executive board’s performance-related share scheme payments, due to have been made in Q1 2012.
“Covea, as the shareholder, has a responsibility to protect Swinton and to take appropriate action where it identifies any circumstances not beneficial to the business as a whole.”
The new executive board consists of Christophe Bardet as chief executive, Charles Bellringer as financial director, Rob Hornby as IT Director and Kelly Ogley who will be appointed Operations Director as previously planned.
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