Fidelity Installs Akin as Colt Telecom's New Chief
Vaughan-Adams, Liz, The Independent (London, England)
COLT TELECOM'S founder and biggest shareholder Fidelity yesterday stamped its authority on the business by installing one of its own men as chief executive, replacing the current boss Peter Manning.
Steve Akin, the president of Fidelity Investment's emerging business development arm Fidelity Capital, takes over from Mr Manning today. Fidelity owns 54 per cent of Colt.
Mr Manning, who will continue in an advisory role, was yesterday still negotiating his leaving package but will most likely be awarded 18 months worth of pay, about pounds 460,000, plus a pounds 224,000 bonus. He is also likely to get to keep some of his 3.2 million share options.
The company moved quickly to ensure the handover was not interpreted as a sign of problems by publishing its second-quarter figures, which beat most analysts' forecasts, a week earlier than expected.
In the three months to 30 June, the company made an underlying, or Ebitda, profit of pounds 14. …