| BA finance director quits, to join Dutch retailer Ahold |
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LONDON - British Airways finance director John Rishton has resigned from his position and is to join giant Dutch retailer Ahold. British Airways announced that its treasurer and head of taxation Keith Williams would replace him.
Insiders say that Rishton's move to Amsterdam was primarily due to frustration on missing out the top post as Sir Rod Eddington, the chief executive of BA is retiring. Aer Lingus top man Willie Walsh is taking up his position. Rishton himself denied this charge that he was after the top job, "I was never after the chief executive's job and I never applied for it. As for Willie, he and I have got on very well together in the five months he has been at BA. He has had dinner at my house," he said.
A BA spokeswoman also rubbished charges of ill will between Rishton and Walsh saying that the move to Ahold was a career one for Rishton, "His move is absolutely not a reflection that he is not chief executive officer," she said. Ahold has reportedly offered a £1 million package to Mr. Rishton who earned £446,000 at BA last year. Martin Broughton, the airline’s chairman praised Rishton for the services rendered in making BA financially healthy, “Keith played a critical part in restoring the company’s balance sheet and returning it to financial health. He has a great knowledge of the company and has the personality needed for the role,” he said.
Mr. Rishton has had a huge role in bringing back BA to its feet after the 9/11 disaster. He played a key role in BA's Future Size and Shape initiative, when 13,000 jobs were culled as a part of making the airline cost-effective. His tenure saw BA's net debts fall from £6.6 billion to £2.5 billion. "I have a huge emotional attachment to BA and it hasn't been an easy decision. I thought about it three or four times and then three or four times more before deciding to take it," Rishton said adding that he had been talking to Ahold since the past two months.
Posted
on : Wed, 28 Sep 2005 05:30 GMT | Business News
By : Salim Patel
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