British Airways owner shakes up boardroom. International Consolidated Airlines Group SA (CDI) (IAG), the company that owns British Airways, has reshuffled its boardroom with boss Willie Walsh picking a new sidekick. The FTSE 100 airline group, which also has Iberia, Aer Lingus and Vueling in its stable, said chief financial officer Enrique Dupuy de Lôme will step down in June and be replaced by Steve Gunning, the CFO of British Airways. The changes mean that for the first time IAG will be run by two executives from the British Airways side of the business.
Ed Bramson hits back at Barclays (again) as top investor offers him glimpse of hope. The battle between Barclays (BARC) and Ed Bramson ramped up again on Monday as the corporate raider accused the board of placing “unreasonable demands on management” in his final fight for support. The two sides are racing to get their arguments heard ahead of the 300-year-old bank’s annual shareholder meeting on May 2 when Mr Bramson is hoping to be elected onto the bank’s board. Both sides issued scathing letters defending their plans last week. The secretive investor, who owns more than 5pc of the lender through his fund Sherborne Investors, has struggled to win over Barclays’ shareholders with one saying there was “nothing” the activist could do to convince him.
Regus owner IWG eyes more deals after £320m Japanese sale. The boss of IWG (IWG) said more deals were on the way after the FTSE 250 serviced office provider agreed to sell its Japanese business to a Tokyo-listed rival for £320m, sending its shares up more than a fifth. Mark Dixon, who started the business formerly known as Regus three decades ago, said the deal with TKP Corporation was a “very important milestone” in his new strategy of selling off its offices to focus on partnerships with franchisees. TKP, which rents out conference rooms and banquet halls in Japan, will acquire IWG’s entire Japanese business comprising 130 flexible co-working spaces.
New Kier Group boss embarks on strategic review of troubled contractor. The new chief executive of Kier Group (KIE) will lead a strategic review of the troubled outsourcer aimed at simplifying its operations and improving its financial position. Andrew Davies starts as chief executive on Monday and will oversee the review, which will consider how to make Kier more “focused”, improve cash generation and reduce leverage. Its conclusions will be announced in July. Last month the company reported half-year losses of £35.5m and slashed its dividend after suffering a slowdown in road and housing maintenance work.
End of plastic rings as Guinness joins Carlsberg in getting rid of packaging that strangles birds and fish. Guinness, part of Diageo (DGE), has joined Carlsberg in scrapping plastic ring carriers, many of which end up in the oceans and endanger sea life. The brewer has promised that all multi-can packs will be sold in “sustainably sourced, recyclable and fully biodegradable cardboard” instead. Carlsberg was the first to ditch plastic last September, creating a special glue that holds cans together. Guinness said it will take time to phase in its changes though. It will start in Ireland in August before implementing them in the UK and around the rest of the world next year. And it won’t just be cans of the black stuff. Ring carriers and shrink wrap will be removed from multipacks of Harp and Smithwicks too.
Heat is on bosses’ bonuses at Domino’s Pizza. Bonuses at Domino’s Pizza Group (DOM) have put in the spotlight after the chain cut payout targets. Influential proxy advisers, who guide some of the world’s biggest institutional investors, have raised concerns on plans to reduce earnings figures that trigger share awards to bosses. Glass Lewis urged Domino’s to drop the changes without “a more thorough and convincing explanation” but suggested shareholders vote for the remuneration report. PIRC opposes Domino’s pay, labelling as “excessive” a maximum bonus for David Wild, chief executive, of more than three times annual salary. It also wants share awards deferred for at least two years.
Questor: it may not be as highly valued as WeWork but IWG (IWG) is still best avoided. Questor share tip: the former Regus has suffered declining profits as it invests more in new sites, while debt has surged
