Tonight:
5°c
Brixton boss ousted as City gets nervous
3 Mar 2009Tim Wheeler was today sacked as chief executive of industrial property landlord Brixton as it battles to stay afloat.
The controversial 49-year-old is succeeded by investment director Peter Dawson, 37. Wheeler, who was at Brixton for 24 years including nine as chief executive, earned a basic salary of £545,000 and is in line for a large pay-off.
His sudden departure came amid persistent talk the firm needs to raise new funds. It said last month it was considering a rights issue, but has yet to deliver and the City is nervous. Brixton shares are down more than 80% this year.
Brixton said it was essential the firm "has the most appropriate leadership in place for the long-term future of the company".
Wheeler, who picked up bonuses worth more than £1.6 million between 2005 and 2007, last summer used Bob Dylan's "apocalyptic opening lines" to All Along the Watchtower to tell the story of the collapsing property market.
