Centaur and Higgs
Centaur Media floated a little over two years ago. Since then their share price has stubbornly refused to drift far above the flotation level of £1 a share. At the time of the float CEO and Chairman Graham Sherren promised to seperate the role of Chairman and Chief Executive as the Higgs report recommended Two years on and still no news. But then I think Sherren has promised to hire a COO or similar for many years and never has. Allegedly there are seven candidates for the role of CEO but who of any calibre would take the job whilst GS has his hands firmly curled around the tiller. My guess is that there will be no change and that the Company founder will want to stay in charge for as long as physically possible.
Nobody can deny the success of the business that Sherren built but if Centaur is to segue from being an old style conglomerated federation of magazines and events into a 21st century media company with a clear and focussed growth model then the right executive decision must be to deal with the management succession issue as soon as possible