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Cochrane quits Stagecoach in row over US revenues
Mr Cochrane,chaussure tn requin, 37, resigned at a board meeting on Sunday after refusing to carry out its demands to review Coach,chaussure Louboutin pas chere, where revenues in the first two months of this financial year are down 8pc, below budget. He will receive a pay off and be entitled to keep his 1.5m share options for a limited period.
His departure was announced yesterday, with a cut in the full year dividend from 3.8p to 2.6p, a 13pc fall in underlying profits for the year to pre tax and the latest management shake up. The shares fell 14 to an eight year low of 37.5p.
Founder Brian Souter has stepped down as executive chairman to become acting chief executive,tn pas cher. Senior independent director Robert Speirs is becoming acting non executive chairman,chaussure Louboutin.
Mr Speirs said,christian louboutin sale, given September 11,christian louboutin uk, the board was not surprised at the fall in Coach's operating profits for the year, down from to but "we did expect to see a turn up" in May and June.
When Mr Cochrane,nike tn, who has spent two weeks a month in America trying to turn Coach around,nike tn pas cher, told the board that the business was still going backwards, he was asked to review it.
"Keith was not happy with that request,cheap christian louboutin," said Mr Speirs. "His reaction was, 'I cannot do this review,christian louboutin shoes, I don't have a heart to do this review' and he resigned." Mr Cochrane could not be reached for comment.
Mr Speirs said the board felt that "there is something beneath these results which needs investigating". Mr Souter will now review Coach, bought for billion in 1998, and report back in December.
Mr Souter hinted there could be big disposals, particularly among the leisure businesess,air jordan 3, such as sightseeing and charter activities,sac longchamp, which have been hardest hit.
"There are places the buses are running empty, not half empty. The West Coast is a disaster," he said. "It's unlikely the review will say we should get out of North America because it's not a good time for selling businesses."
Stagecoach has already written down Coach by Mr Speirs said: "We have crawled over these numbers and are satisfied that there is no need for a further impairment." This could change after Mr Souter's review.????????
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In need of guidance from NY
Oregon coach Chip Kelly commands the stage
Gahanna Lincoln stopped North in a Columbus district final game, 63 46.That leaves Butcher with a career record of 669 79."Wow, I knew he was close to me," Zink said. "I expect he'll pass me next season because his programs are always outstanding."
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