Philip Nevill Green

Last updated

Philip Nevill Green CBE (born 12 May 1953) is a British business executive. [1] He was chairman of Carillion from May 2014 until Carillion entered compulsory liquidation in January 2018. [2] Green was chairman of BakerCorp from June 2011 until December 2017. [3]

Contents

Early life

Philip Green was born on 12 May 1953 in Walsall, Staffordshire. [4] He graduated from University College of Swansea and completed an MBA at London Business School. [5] [3]

Career

From 1977 to 1980, Green was vice-president, marketing of Crayonne (USA). From 1980 to 1985, he was managing director of the home furnishing division of the Coloroll group, becoming group development director in 1985, and then managing director from 1989 to 1990. [6] In 1994, as a trustee of the Coloroll group's pension fund, he was found guilty of a breach of trust and of maladministration of the scheme by the Pensions Ombudsman. [7] By this time, he was working for DHL, firstly as regional director for Northern Europe (1990–1994), and then as chief operating officer for Europe and Africa (1994–1999). [6] He then spent four years with Thomson Reuters before being appointed as CEO of Royal P&O Nedlloyd from 2003 to 2006. [6]

From 2006 to 2011 he was chief executive of United Utilities [3] [8] [9] (succeeded by Steve Mogford), and was the chairman of the shipbroker, Clarkson. [10] He advised the British prime minister David Cameron on issues such as corporate responsibility. [11] In addition, he has supported several charity projects including Sentebale [12] and Hope Through Action. [13]

Carillion

On 3 January 2018 Carillion, a company chaired by Green, announced that the Financial Conduct Authority was investigating the timeliness and content of the company's announcements from December 2016 regarding its financial situation. [14]

On 15 January 2018 Carillion was put into compulsory liquidation amidst widespread condemnation of its debt position and approach to risk in large contracts. [15] Green said his responsibility was "full and complete, total – no question in my mind about that. Not necessarily culpability but full responsibility". [16] Green was one of a number of former Carillion Directors described as "delusional characters" by House of Commons Select Committee Chairs Frank Field (Work and Pensions) and Rachel Reeves (Business, Energy and Industrial Strategy). [17]

After further documentation and correspondence was published by the select committees, Carillion directors bosses were described by MPs as "fantasists" chasing "a pot of gold", [18] with chairman Philip Green described by Rachel Reeves as having "either a woeful lack of leadership or no grip on reality", having advocated an "upbeat" messaging strategy five days before a profits warning. [19]

In the final report of the Parliamentary inquiry into the collapse of Carillion, published on 16 May 2018, Green was described as "delusional". [20] The report concluded:

He interpreted his role as to be an unquestioning optimist, an outlook he maintained in a delusional, upbeat assessment of the company’s prospects only days before it began its public decline. While the company’s senior executives were fired, Mr Green continued to insist that he was the man to lead a turnaround of the company as head of a "new leadership team". Mr Green told us he accepted responsibility for the consequences of Carillion’s collapse, but that it was not for him to assign culpability. As leader of the board he was both responsible and culpable. [20]

The report also recommended that the Insolvency Service should consider whether the former Carillion directors, including Green, could be disqualified from acting as a director. [21]

The parliamentary process and findings have been questioned (by former Carillion directors) as lacking in objectivity and thoroughness, treating a highly complex situation in an incomplete manner. Former Carillion CEO Richard Howson, whose letters were published by the select committees on 12 July 2018, [22] contends that Carillion was a victim of its public sector clients and that "any analysis as to the causes of the failure of Carillion is not complete without looking at the way in which government and the wider public sector procured services from Carillion and failed to administer payments". [23]

In November 2020, the Financial Conduct Authority said some Carillion directors had "acted recklessly" and released "misleadingly positive" market updates before it collapsed. As a result, the FCA said it had sent notices to some (unnamed) former Carillion directors warning of possible enforcement action (possible sanctions include public censure, fines and suspensions from holding certain positions). [24] In January 2021, the Insolvency Service said it would seek to ban eight former Carillion directors, including Green, from holding senior boardroom positions. [25] A trial due to start on 16 October 2023 was cancelled after the Insolvency Service decided it was not in the public interest to pursue ex-chair Green and other directors. [26]

Honours

Green was appointed Commander of the Order of the British Empire (CBE) in the 2014 Birthday Honours for services to business and charity in the UK and South Africa. [27]

Related Research Articles

<span class="mw-page-title-main">KPMG</span> Multinational professional services and accounting company firm

KPMG International Limited is a multinational professional services network, and one of the Big Four accounting organizations, along with Ernst & Young (EY), Deloitte, and PwC. The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler". The initialism was chosen when KMG merged with Peat Marwick in 1987.

<span class="mw-page-title-main">London Business School</span> Business school affiliated to the University of London

London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees. LBS is consistently ranked amongst the world's best business schools. Its motto is "To have a profound impact on the way the world does business".

<span class="mw-page-title-main">Philip Green</span> British businessman (born 1952)

Sir Philip Nigel Ross Green is a British businessman who was the chairman of the retail company Arcadia Group. He owned the high street clothing retailers Topshop, Topman, and Miss Selfridge from 2002 to 2020. In May 2023, his net worth was estimated by the Sunday Times Rich List to be £910 million.

<span class="mw-page-title-main">British Home Stores</span> Former British department store chain

British Home Stores, commonly abbreviated to BHS and latterly legally styled BHS Ltd, was a British department store chain, primarily selling clothing and household items. In its later years, the company began to expand into furniture, electronics, entertainment, convenience groceries and fragrance and beauty products.

<span class="mw-page-title-main">Carillion</span> British construction company, 1999–2018

Carillion plc was a British multinational construction and facilities management services company headquartered in Wolverhampton in the United Kingdom, prior to its liquidation in January 2018.

The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 and has wider powers and a new proactive and risk-based approach to regulation.

<span class="mw-page-title-main">Financial Reporting Council</span> Regulator responsible for promoting high quality corporate governance

The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management.

<span class="mw-page-title-main">Sally Morgan, Baroness Morgan of Huyton</span> British Labour Party politician

Sally Morgan, Baroness Morgan of Huyton, is a British Labour Party politician, and Master of Fitzwilliam College, Cambridge. She is the former Chair of Ofsted.

The UK Corporate Governance code, formerly known as the Combined Code is a part of UK company law with a set of principles of good corporate governance aimed at companies listed on the London Stock Exchange. It is overseen by the Financial Reporting Council and its importance derives from the Financial Conduct Authority's Listing Rules. The Listing Rules themselves are given statutory authority under the Financial Services and Markets Act 2000 and require that public listed companies disclose how they have complied with the code, and explain where they have not applied the code – in what the code refers to as 'comply or explain'. Private companies are also encouraged to conform; however there is no requirement for disclosure of compliance in private company accounts. The Code adopts a principles-based approach in the sense that it provides general guidelines of best practice. This contrasts with a rules-based approach which rigidly defines exact provisions that must be adhered to. In 2017, it was announced that the Financial Reporting Council would amend the Code to require companies to "comply or explain" with a requirement to have elected employee representatives on company boards.

David Peter John Ross is an English millionaire businessman, and one of the co-founders of Carphone Warehouse. At the peak of his business interests in 2008, Ross was one of the 100 richest people in the United Kingdom. In 2008, Forbes ranked him #843 in the world's richest billionaires; his net worth was estimated at US$1.4 billion. In April 2015, The Sunday Times estimated his net worth at £1.0 billion. In the 2020 edition of the Sunday Times Rich List, his net worth was estimated at £642 million, a £26 million decrease from the previous year.

Keith Robertson Cochrane is a Scottish businessman and former chief executive (CEO) of Weir Group, Stagecoach Group and Carillion plc (interim). In March 2019, he was appointed CEO of Schenck Process.

Steven Lewis Mogford is a British businessman. He is the chief executive (CEO) of United Utilities Group plc, the UK's largest listed water company.

Richard John Howson is a British businessman, and the former chief executive (CEO) of Carillion, a British multinational facilities management and construction services company that went into liquidation in January 2018. Howson's "misguided self-assurance" was said to have contributed to the company's collapse. In October 2023, Howson was disqualified from being a director of a company for eight years for his conduct as a director of Carillion.

Alison Jane Horner is a British businesswoman, and, until it was sold in 2020, was the CEO of the Asian arm of the Tesco supermarket chain.

Andrew James Harrower Dougal is a British businessman particularly associated with the financial and general management of industrial companies.

John McDonough was a British businessman who was CEO of Carillion from January 2001 to December 2011.

Zafar Iqbal Khan, is a British accountant and businessman, and was the finance director of Carillion from 1 January to 11 September 2017, shortly before it went into liquidation in January 2018. In July 2023, Khan was disqualified from acting as a director of a company for 11 years.

Richard Adam is an English chartered accountant and businessman particularly associated with the financial management of media, construction and property-related companies. He was a board director of construction and services business Carillion from April 2007 to December 2016. After the company went into liquidation in January 2018, Adam was criticised by a Parliamentary select committees report, and the Financial Reporting Council and other regulators started investigations into his conduct. In July 2023, Adam was disqualified from acting as a director of a company for 12.5 years.

Ceri Michele Powell is a Welsh geologist and businesswoman who worked for Royal Dutch Shell from 1990 to 2020.

Johnny Hornby is the founder of the marketing and PR holdings company The&Partnership. Previously, Hornby was managing director at TBWA, the marketing company which managed Tony Blair's 2001 election campaign.

References

  1. ↑ Terry Macalister, The Guardian, 3 February 2004, P&O casts off container unit. Retrieved 11 June 2014, "... based in London and headed by liner boss Philip Green..."
  2. ↑ Neilan, Catherine (15 January 2018). "Carillion chairman Philip Green was a Number 10 adviser". City AM.
  3. 1 2 3 Philip Nevill Green (executive profile). Retrieved 11 June 2014, "...Green served as the Chief Executive Officer of United Utilities Group PLC (a/k/a United Utilities PLC) from March 31, 2006 to March 31, 2011. .."
  4. ↑ "Index entry". FreeBMD. ONS. Retrieved 17 January 2018.
  5. ↑ "Green, Philip Nevill, (born 12 May 1953), non-executive Chairman: BakerCorp. Inc., since 2011; Sentebale, since 2011; Carillion plc, since 2014 (Senior Independent non-executive Director, 2011–14)." WHO'S WHO & WHO WAS WHO.
  6. 1 2 3 "Philip Nevill Green CBE". Bloomberg. Bloomberg. Retrieved 17 January 2018.
  7. ↑ Neilan, Catherine (16 January 2018). "Carillion boss Philip Green has previously been found guilty of a breach of trust over pensions". City AM. Retrieved 17 January 2018.
  8. ↑ 27 September 2013, James Quinn, Financial Editor, The Telegraph, RBS to create new challenger bank under revived 'Williams & Glyn's' brand: Royal Bank of Scotland is to create a new challenger brand under the revived 'Williams & Glyn’s’ brand after opting to take an £800m investment from a group led by private equity firm Corsair Capital. Retrieved 11 June 2014, "...Philip Green, the former chief executive of United Utilities..."
  9. ↑ Paul Newton, 6 April 2011, Utility Week, Philip Green on five years as chief of United Utilities: Philip Green is leaving United Utilities today after five years as its chief executive. He spoke to Janet Wood about the experience.. Retrieved 11 June 2014, "...one thing Philip Green won't miss about his five years running a regulated business at United Utilities, it's the regulatory paperwork. ..."
  10. ↑ Jason O'Connell, 13 February 2014, Trade Winds News, Green leaves Clarksons: Philip Green is stepping down as chairman of the board at Clarksons barely six months after joining the world’s largest shipbroker. Retrieved 11 June 2014, "...The former P&O Nedloyd chief executive is leaving to focus on his other commitments..."
  11. ↑ Jenna Pudelek, Third Sector Online, 8 February 2013, Government should make giving more tax-efficient, says Prime Minister's CSR adviser. Retrieved 11 June 2014, "...Philip Green ... The Prime Minister's adviser on corporate social responsibility...."
  12. ↑ 7 May 2014, Victoria Murphy, The Mirror, Prince Harry makes first official appearance since split with Cressida Bonas to host charity party. Retrieved 11 June 2014, "...Sentebale Chairman Philip Green...."
  13. ↑ 14 June 2010: New sports centre opens in Mbekweni – . Retrieved 11 June 2014, "...Philip Green, patron of the charity Hope Through Action...."
  14. ↑ "Carillion probed by financial watchdog". BBC News. 3 January 2018. Retrieved 7 January 2018.
  15. ↑ "Carillion to go into liquidation". BBC News. 15 January 2018. Retrieved 15 January 2018.
  16. ↑ "Carillion: Ex-chairman Philip Green takes blame for collapse". BBC News. 6 February 2018.
  17. ↑ Rob Davies (1 January 1970). "Former Carillion directors branded 'delusional' at MPs' Q&A". The Guardian. Retrieved 8 February 2018.
  18. ↑ Goodley, Simon (28 February 2018). "Carillion bosses were fantasists chasing pot of gold, MPs say". The Guardian. Retrieved 28 February 2018.
  19. ↑ "Carillion Chair 'upbeat' days before massive profit warning". UK Parliament: Select committees. Retrieved 1 March 2018.
  20. 1 2 Carillion: Second Joint report from the Business, Energy and Industrial Strategy and Work and Pensions Committees of Session 2017–19 (PDF). House of Commons. 2018. p. 88. Retrieved 16 May 2018.
  21. ↑ Carillion: Second Joint report from the Business, Energy and Industrial Strategy and Work and Pensions Committees of Session 2017–19 (PDF). London: House of Commons. 2018. p. 93. Retrieved 16 May 2018.
  22. ↑ "Carillion: Responses from Interested Parties to the Tenth Report of the Business, Energy and Industrial Strategy Committee and Twelfth Report of the Work and Pensions Committee". UK Parliament. Retrieved 13 July 2018.
  23. ↑ Howson, Richard (12 July 2018). "What the MPs Missed". The Construction Index. Retrieved 12 July 2018.
  24. ↑ Price, David (13 November 2020). "Carillion directors 'recklessly' misled the market, says watchdog". Construction News. Retrieved 13 November 2020.
  25. ↑ Partington, Richard (13 January 2021). "Legal bid launched to ban ex-Carillion directors from top boardroom roles". The Guardian. Retrieved 13 January 2021.
  26. ↑ Weinfass, Iain (13 October 2023). "Insolvency Service drops case against former Carillion chair and CEO". Construction News. Retrieved 17 October 2023.
  27. ↑ "No. 60895". The London Gazette (Supplement). 14 June 2014. p. b9.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.