BAA chief executive quits in the wake of Spanish firm�s takeover - Markets - Times Online

BAA chief executive quits in the wake of Spanish firm�s takeover - Markets - Times Online: "BAA chief executive quits in the wake of Spanish firm�s takeover
By Christine Seib



BAA yesterday promoted its retail director to become chief executive after Mike Clasper resigned from the post in the wake of the acquisition by Ferrovial, the Spanish group.
Mr Clasper, who will continue to advise the airport operator for 12 months, is expected to receive about �1.5 million in pay and pension contributions when he leaves the company, which was bought by Grupo Ferrovial for �10.1 billion last month. He has share options worth a further �1.8 million.


He has been replaced by Stephen Nelson, who has been retail director for only ten months.
In March Mr Clasper had refused to give assurances that he would stay on as chief executive after a takeover and he orchestrated a vigorous defence against acquisition by Ferrovial, which won a bidding war with Goldman Sachs despite tabling a lower offer than the investment bank.
The BAA board is thought to have favoured the Ferrovial bid because it was further advanced and offered the company more certainty. Ferrovial paid 935p per share in cash for the owner of Heathrow, Gatwick and Stansted airports, which was increased to 950�p for investors that qualified for a 15�p final dividend payment.
Mr Clasper is not thought to have a new job lined up at present. Mr Nelson joined BAA last year from J Sainsbury, where he was marketing director.
BAA also announced that Marcus Agius, chairman since 2002, would continue in the role and that Tony Douglas, who is leading the �4.2 billion Heathrow Terminal Five development, had become chief executive of the airport and would join the BAA board. "