SCi’s shareholders are described as furious” in a piece in
, which goes on to state that one investor has said that chief executive Jane Cavanagh’s position at the company as untenable”.
On Friday the company’s corporate brokers at Citigroup told the chairman that investors wanted the management out,” continues the report. Sources close to the company said Phil Rogers, the finance director who joined in February 2007, is being lined up as temporary chief executive until a replacement is found. Meanwhile, it emerged that SCi will be forced to borrow at least 30m to stay afloat until the end of the year.”
SCi’s share price dropped severely on Thursday as SCi issued a profit warning and said that it was no longer involved in takeover talks.
Read the full Times report here.