Conrad Black’s position at Hollinger has become even more precarious following the resignation of a key executive this week.
Peter Atkinson has stepped down from his role as a director and officer, becoming the latest in a line of board members to quit since a controversy over unauthorised executive payments erupted (see
City News).
It was announced yesterday that Atkinson had resigned for “personal reasons”. The loss of a key ally will increase the pressure on Black who recently stepped down as chief executive of Hollinger International (see Black Leaves Troubled Hollinger As Predators Circle) but remains chairman and controlling shareholder as well as chairman and CEO of the parent group Hollinger Inc.
Black had agreed to pay back $7.2 million in payments that were not authorised by the Hollinger board but has been given a two-week extension to make the first installment (see Hollinger Chairman Could Be Ousted).
Last night the company announced the retirement of another director Charles Cowan while Peter White has been appointed co-Chief operating officer and company secretary.
Hollinger, which owns newspapers on three different continents, is believed to be considering the sale of the UK-based Telegraph group which publishes the Daily Telegraph and Sunday Telegraph (see Candover Prepares To Mount Telegraph Bid).
