Club reorganises its boards of directors
The Club can confirm that it has undertaken a reorganisation of its board structures as part of its ongoing investment process and changing the way the Club works.The changes will bring clarity and transparency to the roles and responsibilities of each board and help long standing plans to bring new investment into the Club.
At the same time, representatives from the Board’s of Holdings and CUOSC*** (the fans’ trust shareholder organisation), have commenced formal talks designed to facilitate new investment coming into the Club, paving the way for CUOSC to also join the Holdings Board, and a renewal of the terms of their Shareholder Agreement which dates back to 2006.
Club Chairman Andrew Jenkins said: “I am pleased we all are working together and looking forward. The current agreements are old and out of date. We all agree we need arrangements that work for us all and which will encourage the investment we are seeking.”
Jim Mitchell, CUOSC Board member and its director on the 1921 Board, said: “The CUOSC Board is pleased that investment related discussions involving all CUFC owners have started afresh. All of our board members want to see new investment come into the football club to help to propel it much closer to where all fans want it to be. We also welcome the move to develop a new shareholder agreement which reflects the realities of 2016/17 and the future needs, rather than those of the past.”
CUFC Holdings
The Club’s largest shareholder Andrew Jenkins, and shareholder director John Nixon (who will remain Holdings Company Secretary) have been joined by Lord Clark of Windermere and shareholder Steven Pattison as directors on the Holdings* board.
Andrew Jenkins will remain Club Chairman and Holdings Chairman.
Holdings’ roles and responsibilities are focused on the long term strategic issues facing the Club, including investment, funding of the Club, appointment of senior management, first team manager and football staff. It will also provide supervision and oversight of the 1921** board.
CUFC 1921 Ltd
The Board of 1921 has also changed, with Lord Clark and Steven Pattison vacating their positions. As a result, the streamlined 1921 Board now comprises of five directors; Finance Director Suzanne Kidd (who will remain as 1921 Company Secretary), Sales and Marketing Director Phil King, Director of External Affairs John Nixon, CUOSC director Jim Mitchell and Chief Executive Nigel Clibbens (who will now also Chair the 1921 board).
This board will hold specific responsibility for the operational day-to-day direction and management of the Club, and will continue to hold the Club’s EFL share.
Club Chief Executive Nigel Clibbens said: “In terms of the Board changes, these are long standing plans and my appointment was part of this process. They are another necessary step forward in changing the Club.
"Supporters will not see a marked difference straight away, but the new arrangements will help us do what we need to do and be more effective in dealing with both the day-to-day matters and the longer term issues facing the Club. They further strengthen the Club organisation, transparency and accountability, and I believe it will enhance the relationship between all the owners which will stand us in good stead for the future.
"A new Shareholder Agreement, when it is completed, will address some long standing shareholder issues. This is also very welcome and much-needed. It will bring up to date the formal legal agreement and will make it appropriate and fit for the future. This is essential as we look to bring new investment into the Club.”
