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CPW man quits Olympic committee

Boris loses yet another adviser

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David Ross has resigned from his position as adviser to London Mayor Boris Johnson, after coming under fire for using his stake in Carphone Warehouse as collateral for a loan, without informing the company.

Board directors may not deal in the company's shares without telling the chairman and getting his permission first - putting shares up as collateral against a loan counts as share dealing. In cases of a public company the chairman would then inform the stock market.

The Financial Services Authority is not commenting on whether or not it is investigating Ross who has already resigned from the board of CPW.

Boris Johnson said he had accepted Ross's resignation with sadness.

Johnson said: "I appreciate why David Ross feels he ought to stand down from the Board of LOCOG [London Organising Committee of the Olympic Games] and the Legacy Board of Advisors. I understand he has also offered to resign from the Olympic Lottery Distributor. He will, nevertheless, be a loss, having played an active and very useful role over the last seven months."

The London Mayor said he had chosen Ross for his track record in establishing a hugely successful business and wished him well for the future.

Ross's other big business is a commercial property business, Kandahar Real Estate, a £500m property portfolio set up with Morgan Stanley. The group has a portfolio of 13 provincial shopping centres - a sector which has seen sharp falls in value in recent months.

Ross has worked with Charles Dunstone since the very first days of Carphone Warehouse. He will be missed as the firm tries to juggle the roll out of its joint venture with US firm Best Buy to become a big player on a shrinking High Street.

David Ross remains a director of several other firms - he is chairman of National Express and is a big donor to the Tory party. ®

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