Is Rod Kent About To Fall On his Sword?
Rod Kent, the chairman of troubled UK bank Bradford and Bingley, has announced that he may quit the bank in the short term if he does not receive the support of his fellow directors. While the recent £400 million fund raising was finally voted through by 93% of shareholders he was forced to undergo a very embarrassing assault on his character by many at the recent EGM. So what has changed?
While it is Kent himself who has suggested that he may be about to leave office, it seems very much that those within the bank, and institutional shareholders, want to draw a line under the last few months and move on. A new management and a new chairman would seem to be the perfect way to play the blame game and move onwards and upwards in what are still troubled times in the UK finance sector.
It would be wrong to blame Rod Kent for all of the problems at the bank but when you fill such a high profile position as he does, you are ultimately responsible for the direction and performance of the group. Shareholder power as well as a reluctance to carry on in the longer term may be two of the reasons why Rod Kent may be about to fall on his sword.
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