Carphone Warehouse co-founder David Ross has resigned as deputy chairman of the company after failing to declare that he had pledged shares that he owns in the company against personal loans.
It appears that Ross has also failed to disclose similar arrangements for his shares in National Express, of which is chairman, along with Big Yellow storage company and the Cosalt Marine safety group.
Ross has given undertakings to all businesses that none of the loans was in default and that he had no intention of selling his shareholdings. It is unclear why Ross has failed to declare his loan arrangements despite UK listing rules require that directors should disclose immediately if they have pledged shares against personal loans.
Charles Dunston, Ross’s partner in Carphone Warehouse believes that it is an oversight or ‘misunderstanding of what needs to be done’ and adds ‘It is a great personal sadness’ to lose Ross from the board.
It is unclear as yet whether the Financial Services Authority will be taking any action.
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