Fresh from the stock market announcements section, we can see that, in advance of the AGM in December, Rangers have signed up a new CEO, and this time one with a football track record.
The Board of Rangers announces that it has appointed Graham Wallace as the Company’s new Chief Executive Officer with immediate effect.
Mr Wallace was employed by Manchester City Football Club, first as Chief Financial Officer (March 2009 – October 2010), and then as Chief Operating Officer (October 2010 – January 2013), during a period of unprecedented success in that club’s history. Whilst at Manchester City, Mr Wallace led the transformational changes in the business after the acquisition of the club by Abu Dhabi United Group, implementing world class business processes and corporate governance standards. Before joining Manchester City, Mr Wallace was Senior Vice President and Chief Financial Officer of IMG Media, the global sports and entertainment media company, from October 2006 to March 2009.
Mr Wallace began his career at Ernst and Young where he qualified in 1986 as a Chartered Accountant. He then spent 20 years working in senior accounting and financial roles at oil company Conoco (now ConocoPhillips), Cable & Wireless and latterly as CFO of MTV Networks Europe.
Mr Wallace, originally from Dumfries, also has a degree in business management from Robert Gordon University.
In accordance with Rangers’ Articles of Association, Mr Wallace will be subject to re-appointment by an ordinary resolution at the upcoming Annual General Meeting of the Company on Thursday 19 December 2013.
Commenting on this appointment David Somers, Rangers’ independent non-executive director, and acting Chairman, said: “We are delighted to welcome Graham to the Board. His appointment is the successful culmination of a thorough and independent selection process which attracted a number of high calibre candidates. Graham’s previous success and his strong financial background in football will be beneficial to lead Rangers to continued future success”.
Graham Wallace added, “I am honoured to have been selected as CEO of Rangers. I am looking forward to meeting the challenges and leading the club to ensure that its off-pitch success matches the performance of the team.”
Further information concerning Mr Iain Graham Wallace, aged 52:
Current Partnerships and Directorships:
Marlborough Sports Media Ltd.
Past Directorships and other positions:
CSI Sports Limited
CSI Sports Trading Limited
Darlow Smithson Productions Limited
Great Percy Productions Limited
IMG Media Limited
International Management Group (UK) Limited
Manchester City Football Club Limited
PGA European Tour Productions Limited
Sports New Television Management Limited
Tiger Aspect Assets Limited
Tiger Aspect Films Limited
Tiger Aspect Holdings Limited
Tiger Aspect Pictures (Dog Eat Dog) Limited
Tiger Aspect Pictures (Royston Vasey) Limited
Tiger Aspect Pictures (Tosspot) Limited
Tiger Aspect Pictures Limited
Tiger Aspect Productions Limited
Tiger Aspect Scotland Limited
Tiger Television Limited
Tigress Productions Limited
TWI Interactive Limited
Mr Wallace is not currently beneficially interested in the issued share capital of the Company.
There is no further information required relating to Mr Wallace to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.
One wonders if this appointment was discussed with the Rangers Rebels.
If not, then there is the embarrassing possibility that, if the McColl faction succeed in their move to appoint 4 new directors, they might decide to get their own choice of CEO.
Or have the existing executives (in fact the only executive, Mt Stockbridge) decided to present the Rebels with a fait accompli?
I suspect that, if Mr Wallace’s job as CEO ends after the AGM, he might be entitled to a large pay-off, and in which case the existing Board will be painting the Rebels as costing Rangers more money!
It puts the ball in the Rebel court now – if they do not want Mr Wallace in charge, then they will nee to declare their preferred CEO in advance of the meeting to let the shareholders see what they are buying into.
And so the saga continues …
And the checks to see what connections, if any, Mr Wallace might have with Mr Green or, heaven forbid, Mr Whyte!
(And for the avoidance of doubt, I am not suggesting that there are.)
Posted by Paul McConville