>From The London Times....
Alchemy names ex-Rolls chief to run MG BY JAMES DORAN AND CHRISTINE BUCKLEY
CHRIS WOODWARK, the former chief executive of Rolls-Royce Motors, will today
be named chief executive of the MG Car Company, created by Alchemy Partners
to take over Rover from BMW. Mr Woodwark, chief executive of Staveley, the
industrial group, is an Alchemy director. He was a key negotiator with BMW
over the sale of Rover. It is hoped that his appointment will calm fears that
Alchemy, a venture capital firm, lacks the expertise to run a car company.
Mr Woodwark has worked for Chrysler UK, Land Rover, Rover International and
Cosworth, the sports car engines manufacturer. The other MG board directors
are less experienced in cars. Brandon Gough, the chairman, is an accountant
and chairman of De La Rue, the printer. Graham Hallworth, finance director,
is a director of Alchemy and led the turnaround of AG Stanley, the home
furnishings group.
An Alchemy source revealed that BMW is to give Alchemy 60 per cent of the
450-acre Longbridge site, including one of the big assembly buildings. At a
meeting today, Stephen Byers, Trade Secretary, is to seek reparation from BMW
for its decision to sell Rover. He will ask Joachim Milberg, BMW chairman,
for cash, land or property, or a mix of the three, and BMW's commitment to
helping the regeneration task force. No figure has been set because it is not
clear how many jobs will go.
Mr Byers will also seek clarification from BMW of the future status of the
engineering and research centre at Gaydon, Warwickshire, which employs more
than 3,000 people. Unions said Rover Group had prepared plans for 9,500 job
losses across Longbridge, Cowley and other sites. Rover denied this. Tony
Woodley, T&GWU car industry negotiator, said he had spoken to two car
companies about intervening over the Rover sale. Meanwhile, Honda has given
details of 1,000 jobs to be created at its second UK car plant being built
near Swindon. It is seeking 120 engineers and 800 production staff.
Should I keep posting this stuff or are you people finding it on your own?
-John
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