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[August 30, 2014]
(Observer (UK) Via Acquire Media NewsEdge) Quote of the week goes to Irish bookmaker Paddy Power as it explained how punter-friendly football and racing results had contributed to a 20% dip in profits. The results "proved costlier than John Cleese's divorce payments," it said.
A good week for Martin Sutherland, a managing director at BAE Systems who was announced as the new chief executive of banknote printer De La Rue.
Sutherland will become De La Rue's fourth chief executive in 10 years when he takes up his new job in October, having been at BAE Systems Applied Intelligence since 2008. He replaces Tim Cobbold, who left in March to become chief executive of the media group UBM, having led a turnaround of the currency company.
A bad week for Toby Hayward, interim chief executive of embattled oil explorer Afren, who was forced to suspend two further executives as part of an investigation that saw the same happen to the company's chief executive and chief operating officer last month.
The announcement came just a day before Afren's interim results (which had already been delayed following the suspension of chief executive Osman Shahenshah and his number two, Shahid Ullah) and sent the shares down by a further 10%. They had dropped by 28% on news of the first brace of suspensions. "We believe we will come out stronger from the ongoing issues," Hayward said.
(c) 2014 Guardian Newspapers Limited.
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