December 1 2008
The Institute for Turnaround, whose members were recently described by Channel 4 Chairman Luke Johnson as, “corporate firefighters…unsentimental yet almost heroic…” have given their top award 2008 to Royal Mail Chairman Allan Leighton.
The Institute for Turnaround (IFT) Chairman’s Special Award for outstanding performance in turnaround was delivered by IFT Chairman Philip Davidson, KPMG’s UK restructuring advisory group head. Mr Davidson said of Allan Leighton that,
• His turnaround career began when he was catapulted, along with Archie Norman, into the ailing supermarket group, ASDA in the early 1990s. He took over as CEO from Archie Norman in 1996 and under his leadership ASDA's stock market increased from £530m in 1997 to the £6.7bn which Wal-Mart paid for it in 1999.
• In 2000 as Chairman he helped Brent Hoberman and Martha Lane Fox to prevent one of the UK's highest profile new economy companies, Lastminute.com going the way of many of its peers.
• Arguably his most impressive turn-around has been with CEO Adam Crozier at the helm of the Royal Mail, which when he stepped up as Chairman in 2002 was losing over £1m per day ...and in the first half of 2008/9 doubled its operating profit to £177m
The Institute for Turnaround awards are probably the most challenging European business accolades. The judging panel included senior executives from London Business School, the Financial Times and the Confederation of British Industry (CBI) to assess the year’s best turnaround results.
The 2008 awards are for listed and private companies, the public sector, legal and financial advisers, ‘rising star’ and turnaround professional in organisations across the UK and Europe – from Bradford to Budapest.
The Institute for Turnaround also announced a partnership with the Social Mobility Foundation to mentor bright but socially disadvantaged sixth-formers and help
Turn around their career prospects. LloydsTSB has already committed to support the pilot project.
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The Institute for Turnaround (IFT) is Europe’s leading professional body for the whole Turnaround Community. IFT was founded in 2000 as The Society of Turnaround Professionals. We have a membership of rigorously accredited turnaround executives, advisers and corporate partners representing the best in law turnaround expertise. The Institute exists to create value for ALL stakeholders.
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