Ross steps back up to Cosalt chairman after controversy

MARINE safety equipment group Cosalt said that David Ross has returned to the chairman’s role a year after stepping down after stepping down over controversy about breaching regulations over shares.

Mr Ross, the co-founder of Carphone Warehouse, pledged shares he holds in a range of companies as collateral against loans which breached stock market regulations.

He stepped down from the chairmanship of Grimsby-based Cosalt as well as from the board of retailer Carphone Warehouse, and as chairman of transport group National Express and also from the Olympic 2012 committee, to which he was appointed to oversee financial issues by the Mayor of London, Boris Johnson.

Mr Ross remained as a non-executive director of Cosalt as the group said that he had breached the rules “unintentionally”.

Today he stepped back up to the chairmanship as the group also announced the appointment of Calum Melville, who runs its offshore division, to the board as executive director and Simon Gilbert is joining as a non-executive director.

David Hobdey, the non-executive director who took over the chairman’s role from Mr Ross, is stepping down from the board.

Cosalt said in a trading statement today that “in spite of challenging trading conditions, through prudent cost-cutting measures the group continues to trade in line with board expectations”.

It will release its results for the year to November 1 during the first week of February.

Mark Lejman, chief executive, commented: “The board is very grateful to David and thanks him for his valuable contributions and support, in particular during the company’s recent restructuring and successful fund raising.”