Why should I be surprised when a financially secure chap, approaching 60, and with a pension pot with a transferable value of £3.2m, jacks in the day-to-day grind and heads off to enjoy the fruits of his labours? Because the chap in question is Brian Edwards, and I've always assumed that he'd have to be carried out of Lavvy St in a box, that's why.
But I have to come to terms with the fact that, after 31 years at the top of St Ives, my favourite grumpy old man of print will be gone after the year-end in August. Edwards was hand-picked by the group's legendary founder Lord Gavron, and has subsequently become something of a legend himself, so it truly will be the end of an era when he goes. For incoming CEO Pat Martell, also a St Ives veteran with the best part of 30 years' service under his belt, the boots will be just as big to fill. The timing looks good, though. All those troublesome and costly overseas outposts have been quietly tidied away, and the (now smaller) group has a clearer focus.
Equally intriguing is the departure of that charismatic individual Simon Ward, largely credited with being the driving force in turning St Ives into a more customer-centric organisation, and one with a joined-up group sales offering that has enabled it to successfully compete with the big print management groups. It was always difficult to see Wardy fitting into the many tiresome strictures that come with being on a plc board, so it's little surprise that he feels his talents will be better exercised on the private equity side of the fence. Perhaps he would have been more interested in the CEO job at St Ives if it was a private business. The question now is, who's going to take over from him? And indeed, from Martell? The second level of successions in this particular succession plan will be as interesting as the changes at the top.
Last but not least, one has to ask what benefit St Ives gains from being a plc nowadays. It must cost a fortune, and to what end? A bidder could theoretically buy the group and take it private for a mere £86m at the current share price of 82.5p. But with the markets as they are, I'm sure that will remain just a theory.
PS
And who'd have thought Edwards would be off before chairman Miles Emley? Not me, for one. Having said that, if I had a nice little part-time job that I could do with my eyes closed, and that paid the best part of £200k, I'd hang on to it too.
