Cosalt chairman steps down amid shares probe

MARINE safety specialists Cosalt has announced that David Ross had stepped down as chairman of the group following revelations that he pledged shares he holds in a range of companies as collateral against loans.

The companies invloved include Big Yellow, National Express and Carphone Warehouse – the company he co-founded.

The board of Grimsby-based Cosalt said that Mr Ross has, at its request, stepped down as chairman but is to remain on the board.

In a statement the board said its decision has been taken in light of the events concerning Mr Ross’s shareholding in the company and the review by the committee appointed by the board to look into them.

Mr Ross has been engulfed by controversy after resigning from the board of retailer Carphone Warehouse, and as chairman of transport group National Express. He has also stepped down from the Olympic 2012 committee, to which he was appointed to oversee financial issues by the Mayor of London, Boris Johnson.

“Whilst the board accepts that Mr Ross apparently breached certain regulations, it is currently of the view that he did so wholly unintentionally and that this in itself does not require him to step down from the board altogether.” The statement added.

David Hobdey, senior independent director, has been appointed interim chairman.