(CelebrityAccess MediaWire) — Bob Ayling, the former chief executive of British Airways, has taken been tapped as the £120,000-a-year chairman of the highly troubled Sanctuary Music Group.
Along with him, fellow-Holidaybreak director James Wallace joins the group as senior independent non-executive director and chairman of the audit committee.
Andy Taylor remains chief executive.
Sanctuary was recently on the receiving end of a £110 million rescue refinancing deal, and Ayling’s fresh outlook at the helm should be a welcome step forward for the distressed company.
“Before its recent troubles, Sanctuary was successful over many years,” Ayling told the Telegraph. “The new board is determined that it should be again.”
Sanctuary’s shares closed up 1/2 point, following the news of Mr. Ayling’s appointment. Ayling said his priorities at the company were proper corporate governance standards, financial transparency and performance. –by CelebrityAccess Staff Writers