Blood on the floor at UTV as chairman ousted
Editor ©RapidTVNews| 24-02-2012 The corporate direction of UTV has been thrown into question following the removal of John McGuckian as Chairman and the subsequent resignation of a number of directors.
At a board meeting of the owner of the ITV franchise in Northern Ireland and the Talk Sport radio station, board members considered as unacceptable McGuckian’s connections with Irish investment company TVC Holdings, which holds an 18% share of UTV Media
What is left of the UTV management say that at the board meeting, a majority of majority of the members of the board—Roy Bailie, Helen Kirkpatrick, John McCann, Scott Taunton and Norman McKeown—told the former chairman that his “close association”’ with TVC had “compromised his independence to such an extent that they no longer considered it appropriate for him to continue as Chairman.”
Immediately after the board voted to remove McGuckian as chairman, directors Shane Reihill, Kevin Lagan then resigned, along with McGuckian, as directors of the company with immediate effect.
Existing independent non-executive director Helen Kirkpatrick has agreed to stand as interim Chairman and will immediately start the search for a new independent non-executive Chairman as well as at least two independent non-executive directors. This says UTV will ensure that in future the company’s affairs can be conducted in accordance with the UK Corporate Governance Code and best practice for corporate governance.
As Rapid TV News went to press neither McGuckian, nor Reihill and Kevin Lagan had commented on what had happened. However, speaking to the Finical Times, TVC said Mr McGuckian and the non-executive directors had resigned from the board because of “corporate governance concerns”.