Changes happen at Northamber. Chocolate partly to blame
Cadbury recommendations kick in...
Northamber today saw the resignation of two top managers. Paul Smith quit as commercial director and Colin Thompson left his post as non-executive director. Northamber refused to comment on Smith, but said Thompson's departure was due to legal requirements. David Phillips, Northamber chairman, said Thompson's role conflicted with the Cadbury recommendations regarding the independence of his position. Thompson was prevented from being a non-executive director as he was working for the company. The Cadbury report was published in 1992. The PIRC Corporate Governance site has a wealth of information on the recommendations. Thompson had been a director at Northamber long before the Cadbury regulations came into operation. It was only in the Northamber board's latest Report and Accounts that the distributor found it was in contravention of the rule. "Thompson was found on the wrong side of the line, after the line had moved," Phillips said. Phillips confirmed Thompson would continue working at the distributor. The circumstances surrounding Smith's exit remain cloudier, with Phillips declining to comment. ®
Sponsored: Benefits from the lessons learned in HPC