Euromoney Institutional Investor has joined Wood Group and SABMiller in cocking a snook at what is regarded as best practice in the City and is promoting its Managing Director, Richard Ensor, to the role of Chairman.
Ensor will replace Euromoney's soon-to-retire Executive Chairman, Padraic Fallon, with Richard Ensor. The City's investment community frowns on Chief Executives or Managing Directors moving up to become Chairmen. Earlier this month, oilfield support services firm Wood Group said its Chief Executive Officer, Allister Langlands, would succeed Chairman Sir Ian Wood when he retires in November, while South African brewing group SABMiller chose Chief Executive Officer Graham Mackay to be its Chairman, against the recommendation of the UK Corporate Governance Code.
Ensor joined Euromoney in 1976 and has been an Executive Director since 1983 and Managing Director since 1992. Over the last 20 years he has worked closely with the company's Executive Chairman to build Euromoney into its current position through a mix of organic and acquisition growth. During this period the group's revenues have increased from £36m to £363m and its adjusted profits before tax from £10m to £93m.
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The role of Managing Director will be filled by Christopher Fordham, an Executive Director since 2003.
Fordham joined Euromoney in 2000 to take on responsibility for the company's acquisition strategy. He was appointed an Executive Director in 2003.
NR
