Openreach has shelved an overhaul of its board amid concerns it would give more sway to the parent company. Mike McTighe, Openreach’s chairman, has been seeking to appoint BT’s strategy chief Michael Sherman as an extra director. He has argued in meetings with industry peers that it would strengthen and speed up decision making as the telecoms sector enters a crucial phase of investment in full-fibre upgrades. However, following protests from Sky and others who rely on Openreach’s network while competing with BT Group (BT.A), Mr McTighe last week agreed to put the plans on hold for a year in an attempt to build more trust in Openreach.
The former boss of pub giant Greene King (GNK) turned down a plea from Domino’s Pizza Group (DOM) investors to take over as its chairman, landing a blow for the takeaway chain in its attempt to calm down warring franchisees. Domino’s shareholders from both sides of the Atlantic asked Rooney Anand to take over as chairman. But it is understood that Mr Anand, who stepped down as Greene King chief after 14 years at the helm earlier this year, spurned the approach from the board amid concerns about the recruitment process. Domino’s is on the hunt for both a new chief executive and chairman.
Thomas Cook Group (TCG) bosses were warned ahead of its collapse that creditor claims could top £10bn, as a complex network of off-balance-sheet guarantees unwound. A confidential report, prepared just days before the 178-year-old company’s failure and seen by The Daily Telegraph, lays bare how an insolvency would wreak havoc across the travel sector, leaving huge debts owed to hoteliers, intermediaries and other suppliers. Many suppliers could expect to recoup just 3.4p in every pound owed to them. Bondholders, whose debts totalled more than £1bn, may only recover 2.3p.
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