Leeds Bradford Airport chairman resigns
LEEDS Bradford International Airport chairman Sir Graham Hall has resigned over differences with its private equity owner Bridgepoint.
Sir Graham, the former chariman of regional development agency Yorkshire Forward and chief executive of Yorkshire Electricity, was recruited to head Bridgepoint’s successful £145.5m bid for the airport last year but says he has decided to “pack my bags”.
“It’s fair to say that we don’t necessarily see eye-to-eye. It is a different style. The private equity ownership style is different to anything I have experienced,” he said.
Sir Graham has been replaced by deputy chairman Alan Lewis, a former board member of Birmingham Airport.
Mr Lewis is an advisory partner of private equity firm Bridgepoint which bought LBIA last year from its five West Yorkshire local authority owners.
Long-serving LBIA managing director Ed Anderson left soon after the acquisition and the former chief executive of Newcastle and Bristol airports, John Parkin, was appointed chief executive.
Sir Graham said: “We’ve done sterling work in terms of the acquisition, we have an excellent team around us now and the strategy is right. John Parkin is an excellent chief executive and he has recruited an excellent team, hand-picked from the industry.”
Sir Graham said that he had not fallen out with Bridgepoint. “I still talk to them. I have decided to pack my bags. I am taking stock. I am 65 in October, I may well hang my boots up. I have had 48 years of working life. So I am really enjoying myself at the moment, playing lots of golf, we’re going to Cuba and Peru later this year. Life is great!”
Mr Lewis said: “Graham has played an important role during a key transitionary phase in the development of LBIA. Management and investors thank him for his contribution and remain ambitious for the future development of the airport under the leadership of chief executive John Parkin.”
Sir Graham added: “Our airport has a sound growth strategy in place and I am proud to have been able to contribute to LBIA’s development. I have no doubt that its outstanding executive team will deliver the strategy for the airport and I wish them every success.”
Elizabeth Jackson, chief executive of Yorkshire-based Directorbank, which specialises in recruiting directors for private equity-backed firms, commented: “The primary difference between a private equity-backed business and a corporate is the fact that you have the investors sat round the board table at every meeting, contributing on an equal basis to executives and non executives. This makes the reporting responsibility far more immediate than it is for the plc chair reporting to the City.
“The chair in a private equity business must gain the trust of both the executive team and the investors. These two parties are often on opposite sides of the table and the chairman must have the respect of both if he is to be effective in his role.”
