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Richard Murray no longer chairman of plc

WSSWSS
edited February 2008 in General Charlton
Didnt really notice this in the shareholder announcement to be honest. Any hidden meaning?

KENT multi-millionaire Derek Chappell is the new chairman of Charlton plc.

Mr Chappell, 53, from Medway, succeeds Richard Murray who becomes chairman of Charlton of Charlton Athletic Football Company Limited.

Mr Murray will continue to provide the link between manager Alan Pardew and the plc.

Former football club chairman Martin Simons steps down to become deputy chairman but will play a key role in the development of the club's wide-ranging community initiatives.

Mr Chappell, who grew up in Medway and started work as an NHS clerk at the age of 16, is a former winner of the prestigious Entrepreneur of the Year award, is co-owner of Healthcare in Scotland, one of the fastest growing private hospital groups in Britain.

The company appeared in the Sunday Times Profit Track Top 100 companies for two successive years.

He takes over as Charlton seek approval from shareholders to raise up to £20 million through the issue of a new convertible bond.

Fourteen million of the proposed issue has already been underwritten by five Charlton plc directors - Richard Murray, Derek Chappell, Bob Whitehand, Sir Maurice Hatter and David Sumners.

The total raised will be used to repay recent loans made by these directors to support the company following relegation from the Premier League and to provide working capital for the company during the remainder of the season.

Charlton chief executive Peter Varney said: "This gesture by the directors show how they feel about the club. They all deserve huge credit."

Comments

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    MeddersMedders
    Being from Medway, just further demonstrates that our move to Kent is imminent...
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    BlackForestRedsBlackForestReds
    There was a thread that discussed this on Saturday morning, which is probably on the second page by now and out of sight and mind. Essentially I think this is a sign that Murray is devolving some of the responsibility to other board members and if this guy Chappell is investing heavily in the club (having first bought some shares in a June 2005 rights issue) then it makes sense that he has a bigger role in the running of the club.
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    cfgscfgs
    I think it is a case of not attracting the right kind of external investment so we look inwards. RM has led the club for over a decade through personal tragedy and has looked to offload some of the work to someone with equal or more finance and drive. Remember they are all fans and want the same as us.
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    WhenIwasLittleBoyWhenIwasLittleBoy
    didn't he write Rising Damp (only joking) could be a good move fresh ideas fair play mr Murrey we wouldn't be were we are today if it wasn't for him
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    bingaddickbingaddick
    I think this news is mixed. It makes sense from a Corporate perspective as it frees RM up to direct the clubs affairs - effectively as a Director of Football as well as operational matters. Chappell will be taking on more strategic issues.

    On the other hand it suggests to me that Murray may not have much more money left in his locker to throw at the club. He's involved in underwriting the Bond Issue but I suspect that Chappell may become the clubs biggest Shareholder and has more financial capability.

    These are only guesses, I don't have any inside information.
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    Curb_ItCurb_It
    and if chappell is from the medway - perhaps he's working in cahoots with Scally and its all a ploy to bring us down?
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    razilrazil
    What is Murrays offical title then? And who take over from Simons? Are we still a public limited company if no longer quoted on the AIM.
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    BrunelloBrunello
    I think we are a private limited company not a public one but what doI know. I would be surprised and a little annoyed if the decison to change chairmen was down to egotistical thumping of chests saying I have more shares than you so therefore I should be chairman. Surely it should be the best man for the job not the biggest wallet.
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    BlackForestRedsBlackForestReds
    [cite]Posted By: razil[/cite]What is Murrays offical title then? And who take over from Simons? Are we still a public limited company if no longer quoted on the AIM.

    From the Press release:

    The board has therefore appointed Derek Chappell as the new chairman of Charlton plc, with Richard Murray becoming chairman of Charlton Athletic Football Company Limited.

    Varney said: "Derek will assume responsibility for overseeing the future strategic direction of the company, and this will allow Richard to fully concentrate on football matters with Alan Pardew.

    "Robert Whitehand will remain as deputy chairman of Charlton plc, and Martin Simons will step down as chairman of the football club to become deputy chairman.
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    BlackForestRedsBlackForestReds
    [cite]Posted By: Brunello[/cite]I think we are a private limited company not a public one but what doI know. I would be surprised and a little annoyed if the decison to change chairmen was down to egotistical thumping of chests saying I have more shares than you so therefore I should be chairman. Surely it should be the best man for the job not the biggest wallet.

    I think it's down to Murray wanting to share responsibility and bring other people on, rather than say Chappell outranking Murray by owning more shares than him and claiming the top spot. If there was a boardroom revolt and infighting then I'd think you'd see one or two resignations rather than an arrangement that seems to have been made in advance and then ratified at a meeting.
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