Feeds

Carphone co-founder quits over secret share pledge

Borrowed money against share stake

Next gen security for virtualised datacentres

The co-founder of Carphone Warehouse, David Ross, has resigned, after failing to notify the board that he used his shares in the company to underwrite personal loans.

The company discovered yesterday that Ross had used a stake of 136.4 million shares in the company to secure personal loans. He has 160 million in total, a substantial proportion of CPW's 914 million outstanding shares. Ross has told the company that none of these loans are in default, but he has resigned from his position as a board director and deputy chairman.

The deals were done between 2004 and 2006. Ross told the company he had no current intentions to sell the stock and promised to "facilitate an orderly market, were possible, for any future disposal".

Carphone Warehouse said in a statement: "No other Director of the Company has granted security over or entered into any financial instruments relating to any of their holdings of ordinary shares in the Company."

Shares in the firm are down 4.5 per cent against a market which is up over five per cent.

Ross, a chartered accountant, was appointed in May to run the 2012 Olympics on behalf of Mayor of London Boris Johnson. The role is unpaid. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.