X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Chesterton’s chief executive and chief operating officer have been fired, joining a long list of top level casualties inflicted during the takeover battles for the company.

Neil List only took over as chief executive in April this year when Lorraine Baldry was forced to step down after talks with a potential bidder were aborted. Mike Backs was appointed chief operating officer at the same time. But now they, the only two board members to oppose a takeover bid from 11% shareholder Mohammad Jafari-Fini, have been sacked.

A company statement said that the dismissals “followed their not observing a clear and specific instruction concerning an announcement.” Backs and List had indicated that they had a received an approach from a potential rival bidder and cited that as a reason not to support the Jafari-Fini offer. But the four other board members – chairman Peter Brooks, deputy chairman Gavin Black, finance director Ian Fleming and non-executive director Alan Davis – had backed the bid by Jafari-Fini and have now forced out the two dissenters.

The ousted board members will remain as directors of the company “at the present time”. An executive committee comprising four senior managers and chaired by Black will assume temporary responsibility for the running of the company.

In addition to Baldry, List and Backs, Chesterton’s top directors, head of commercial Tony McKay and finance director Colin Stacey have also gone, in their cases fired by List. Jafari-Fini has since appointed former Inisgnia Richard Ellis director Ted Webster to head the Commercial division.

But the turbulence at the top of the company is unlikely to end with List and Back stepping down. A rival bid is expected to be made shortly and the two ousted executive are said to be ready to back it.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.