Following his sacking at a board meeting Monday, Nick Miles, chairman of Cordiant Communications’ PR holding company Business Communications International and a well-known shooting enthusiast, “left the house [Wednesday] morning with a gun and he looked very determined,” according to his wife.
Fortunately for Michael Bungey et al, Mrs Miles was indulging in irony having been pestered at home by hacks scrabbling for news of her husband. Irony, however, was notable by its absence from the board meeting at which Miles and his BCI colleague, managing director Hugh Morrison, were fired.
Both men are highly regarded denizens of the world of financial PR and both are reported to be on the receiving end of £500,000 annual remuneration packages. As to the reasons behind the firings, lips are tightly zipped, although a Cordiant mole revealed that staff incentives were at the root of the dispute.
The fortunes of Cordiant lean heavily on its highly profitable international PR businesses for which BCI is the holding company. The duo’s departure could further rock the group boat, currently awash with a series of profit warnings, a sagging share price and cash flow difficulties [WAMN: 14-Jan-02].
It is said that Miles’ and Morrison’s contact books are a Who’s Who of international financial business leaders. The pair have been involved in many high profile mergers and acquisitions, among them Royal Bank of Scotland/NatWest and Vodafone/Mannesman; they also handle PR for Christian Dior, EuroDisney, GlaxoSmithKline Jardines, Lafarge and LVMH.
News source: MediaGuardian.co.uk