Kesa halves divi as Chairman exits

David Newlands is to step down as Chairman of European electrical goods retailer Kesa Electricals to be succeeded by the group's Senior Independent Director, Alan Parker.

David Newlands is to step down as Chairman of European electrical goods retailer Kesa Electricals to be succeeded by the group's Senior Independent Director, Alan Parker.

The news came as the group slashed its dividend following a sharp decline in profits in a year in which it disposed of its Comet retail chain for just £2 - and even then it had to pump in £30m of cash to persuade turnaround specialist OpCapita to take it off its hands.

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