IT COMES FOR THEM ALL
Nicola Foulston, the Chief Executive of RBG, has been sacked after the listed company’s board lost confidence in her leadership and became aware of 'cultural issues'.
RBG runs law firm Memery Crystal, dispute resolution specialist Rosenblatt, and litigation finance provider Lionfish.
Like Ince, the CEO has been blamed for stocks trading a few pence above ‘worthless’. RGB's board did not sugarcoat Foulston’s firing, announcing to the market that it “has lost confidence in its Chief Executive, Nicola Foulston, as a result of cultural concerns and the execution of the Group's strategy”.
As a result “her employment contract has been terminated with immediate effect”, it said, omitting to thank her for her service or wish her well in her future endeavours.
The announcement saw RBG’s share price rally to 52p, although there’s admittedly still quite a way to go before the company returns to the 2019 glory days of a share price in excess of £1.50
Insiders provided RollOnFriday with a startling account of what the ‘cultural issues’ comprised, but their claims have not been corroborated. The colourful details were allegedly presented to the board in a report it is very keen to keep under wraps (if you have a copy, be a sport and send it our way).
It's a shame Foulston's off, as she had only just made herself known to readers. Last year she assured ROF she was a “fervent monarchist’ after royalist staff reacted with anger when, in the wake of the Queen’s wake, she told RBG employees that although the occasion was sad, it was “very much business as usual” for the company.
Foulston, who made £35m while she was CEO in charge of Brands Hatch when she sold the business for over $195m in 1999, could not be reached for comment.