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Four directors quit Blue Oar’s board
Rosamund Urwin03.02.09
Four directors quit City stockbroker Blue Oar's board today as Evolve Capital seized control of the boardroom.
Last week, Blue Oar's new owners called a general meeting to oust chief executive Andrew Monk, finance director Peter Joy, executive director Mark Brumby and non-executive director Gordon Lawson. Today, the niche investment bank said they have all resigned from their posts.
Evolve, a bidding consortium led by Blue Oar's founder Edward Vandyk, said it wanted to remove the directors because their involvement in a possible management buy-out of Blue Oar's stockbroking arm, Blue Oar Securities, had created a potential conflict of interest.
Bernard Leaver, an ex-managing director at Lehman Brothers, is Oar's new executive chairman. Justin Lewis replaces Monk as CEO, while James Noble and Michael Jackson become non-executive directors.
Evolve's £15.4 million offer for Blue Oar was declared unconditional on December 29.
