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EXTRAORDINARY ITEMS – Show them the way to go home.

Here’s a lesson to anyone who thinks they can put principles of shareholder value creation ahead of the demands of beer-drinking Wearsiders. A couple of weeks ago, brewery and hotels group Vaux parted company with its recently-appointed CEO Martin Grant and FD Neil Gossage (below) after a bust-up over plans to hive off the brewing operation in an management buy-out. Grant and Gossage thought more value could be extracted by opening up the brewing division to other buyers, or by closing it. Local outrage found boardroom support from the chairman, Sir Paul Nicholson, and others, so Grant and Gossage left. Neither man moved to Sunderland after joining Vaux, and one local councillor told the FT: “There was nothing to indicate commitment to the area.” Let that be a warning to Neil Chisman, hotly tipped to move over from the FD chair at Stakis now that Ladbroke has taken over the Glasgow-based hotels group. ?:

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