Difference between revisions of "Henry Sweetbaum"
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[[Henry Sweetbaum]] is the former chairman and chief executive of DIY chain [[Wickes]].<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> | [[Henry Sweetbaum]] is the former chairman and chief executive of DIY chain [[Wickes]].<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> | ||
| − | Sweetbaum was co-founder of [[Reliance Group Holdings]], a New York Stock Exchange listed company. He moved to the United Kingdom in 1970, when he was appointed Executive Director of the [[Plessey Company Limited]].<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> | + | Sweetbaum was co-founder of [[Reliance Group Holdings]], a New York Stock Exchange listed company.<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> |
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| + | Sweetbaum left as executive vice president of Leasco in 1969 after some differences of opinion with the company's president, Saul P. Steinberg, about Leasco's direction.<ref name="NYT86">Steve Lohr, [http://www.nytimes.com/1986/04/22/business/wickes-s-new-look-in-europe.html WICKES'S NEW LOOK IN EUROPE], ''New York Times'', 22 April 1986.</ref> | ||
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| + | He moved to the United Kingdom in 1970, when he was appointed Executive Director of the [[Plessey Company Limited]].<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> | ||
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| + | Sweetbaum became a director of Statesman Travel in 1975, where he joined chartered accountant Richard Boddie.<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> | ||
From 1976 to 1982, Sweetbaum chaired [[Data Recording Instrument Company]], a British government-owned computer peripherals manufacturer.<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> | From 1976 to 1982, Sweetbaum chaired [[Data Recording Instrument Company]], a British government-owned computer peripherals manufacturer.<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> | ||
==Wickes== | ==Wickes== | ||
| − | From 1982-1986, he was Chairman of [[Wickes International Corporation]]. In 1986, he led the management buyout of [[Wickes plc]] and served as Chairman and CEO until 1996.<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> | + | From 1982-1986, he was Chairman of [[Wickes International Corporation]].<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> His recruitment came at the initiative of corporate turnaround specialist [[Sanford Sigoloff]].<ref name="NYT86">Steve Lohr, [http://www.nytimes.com/1986/04/22/business/wickes-s-new-look-in-europe.html WICKES'S NEW LOOK IN EUROPE], ''New York Times'', 22 April 1986.</ref> |
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| + | In 1986, he led the management buyout of [[Wickes plc]] and served as Chairman and CEO until 1996.<ref name="ICSRbio">[http://icsr.info/about-us-2/governance/henry-sweetbaum/ Henry Sweetbaum – Chairman], International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.</ref> | ||
| + | |||
| + | In 1996, auditors [[Andersen]] uncovered a scandal that threatened the company, with the discovery of a letter that suggested a two-tier contract system, with one letter that was shown to auditors and another that was not.<ref name="TIM180902">[http://www.thisismoney.co.uk/money/news/article-1534493/Ex-Wickes-boss-quit-over-fraud.html Ex-Wickes boss quit over fraud], ''This is Money'', 18 September 2002.</ref> | ||
In 1996, the ''Independent'' alleged that Sweetbaum faced a potential conflict of interest in his role at Wickes, because he was a director and major shareholder in a travel business, Statesman Travel, which provided Wickes with group travel and accommodation arrangements for senior management.<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> | In 1996, the ''Independent'' alleged that Sweetbaum faced a potential conflict of interest in his role at Wickes, because he was a director and major shareholder in a travel business, Statesman Travel, which provided Wickes with group travel and accommodation arrangements for senior management.<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> | ||
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In 2002, he was one a number of former Wickes directors found not guilty on charges of fraudulent trading and making a false statement to auditors between January 1 1994 and June 27 1996.<ref>[http://www.telegraph.co.uk/finance/2834729/Ex-Wickes-trio-cleared-of-fraud.html Ex-Wickes trio cleared of fraud], ''The Telegraph'', 26 November 2002.</ref> | In 2002, he was one a number of former Wickes directors found not guilty on charges of fraudulent trading and making a false statement to auditors between January 1 1994 and June 27 1996.<ref>[http://www.telegraph.co.uk/finance/2834729/Ex-Wickes-trio-cleared-of-fraud.html Ex-Wickes trio cleared of fraud], ''The Telegraph'', 26 November 2002.</ref> | ||
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| + | During the trial, Sweetbaum reportedly accepted that accountancy fraud meant Wickes' profits were overstated: | ||
| + | ::'I took the responsibility, I resigned,' Henry Sweetbaum, former chairman and chief executive, told Southwark Crown Court. Cross-examined by crown prosecutor Anthony Hacking QC, Sweetbaum said: 'I do not feel any remorse about the fraud as I was not a party to the fraud.'<ref name="TIM180902">[http://www.thisismoney.co.uk/money/news/article-1534493/Ex-Wickes-boss-quit-over-fraud.html Ex-Wickes boss quit over fraud], ''This is Money'', 18 September 2002.</ref> | ||
==PS Capital== | ==PS Capital== | ||
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==Affiliations== | ==Affiliations== | ||
| − | *[[HASS Corporation]] (Henry Alan Sweetbaum Services) - | + | *[[HASS Corporation]] (Henry Alan Sweetbaum Services) - US company through which Sweetbaum received some of his remuneration while at Wickes.<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> |
| − | *[[Statesman Travel]] - Sweetbaum was a major shareholder in 1995. | + | *[[Statesman Travel]] - Sweetbaum was a major shareholder in 1995.<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> |
| − | *[[Huntingdon Securities]] - | + | *[[Huntingdon Securities]] - Sweetbaum vehicle in 1995.<ref name="Ind28796">[http://www.independent.co.uk/news/business/the-diy-boss-and-the-private-network-he-assembled-himself-1330769.html The DIY boss and the private network he assembled himself], ''The Independent'', 28 July 1996.</ref> |
[[Accelerator Technology Holdings]] - investment committee member. | [[Accelerator Technology Holdings]] - investment committee member. | ||
*[[Inovent]] - Advisory Board member. | *[[Inovent]] - Advisory Board member. | ||
==Connections== | ==Connections== | ||
| − | *[[ | + | *[[Anne Sweetbaum]] |
*[[Barry Sweetbaum]] | *[[Barry Sweetbaum]] | ||
*[[Richard Boddie]] | *[[Richard Boddie]] | ||
Revision as of 15:57, 15 July 2015
Henry Sweetbaum is the former chairman and chief executive of DIY chain Wickes.[1]
Sweetbaum was co-founder of Reliance Group Holdings, a New York Stock Exchange listed company.[2]
Sweetbaum left as executive vice president of Leasco in 1969 after some differences of opinion with the company's president, Saul P. Steinberg, about Leasco's direction.[3]
He moved to the United Kingdom in 1970, when he was appointed Executive Director of the Plessey Company Limited.[2]
Sweetbaum became a director of Statesman Travel in 1975, where he joined chartered accountant Richard Boddie.[1]
From 1976 to 1982, Sweetbaum chaired Data Recording Instrument Company, a British government-owned computer peripherals manufacturer.[2]
Wickes
From 1982-1986, he was Chairman of Wickes International Corporation.[2] His recruitment came at the initiative of corporate turnaround specialist Sanford Sigoloff.[3]
In 1986, he led the management buyout of Wickes plc and served as Chairman and CEO until 1996.[2]
In 1996, auditors Andersen uncovered a scandal that threatened the company, with the discovery of a letter that suggested a two-tier contract system, with one letter that was shown to auditors and another that was not.[4]
In 1996, the Independent alleged that Sweetbaum faced a potential conflict of interest in his role at Wickes, because he was a director and major shareholder in a travel business, Statesman Travel, which provided Wickes with group travel and accommodation arrangements for senior management.[1]
In a statement quoted by the Independent, Sweetbaum said:
- The relationship between Statesman Travel and Wickes was a normal arm's length trading relationship, fully disclosed to the board and the auditors of Wickes, and the board resolved the relationship was immaterial, and did not require disclosure.[1]
In 2002, he was one a number of former Wickes directors found not guilty on charges of fraudulent trading and making a false statement to auditors between January 1 1994 and June 27 1996.[5]
During the trial, Sweetbaum reportedly accepted that accountancy fraud meant Wickes' profits were overstated:
- 'I took the responsibility, I resigned,' Henry Sweetbaum, former chairman and chief executive, told Southwark Crown Court. Cross-examined by crown prosecutor Anthony Hacking QC, Sweetbaum said: 'I do not feel any remorse about the fraud as I was not a party to the fraud.'[4]
PS Capital
In 1997, he co-founded PS Capital LLC, an American company that advises and invests in companies in Asia, Europe and the U.S.[2]
Affiliations
- HASS Corporation (Henry Alan Sweetbaum Services) - US company through which Sweetbaum received some of his remuneration while at Wickes.[1]
- Statesman Travel - Sweetbaum was a major shareholder in 1995.[1]
- Huntingdon Securities - Sweetbaum vehicle in 1995.[1]
Accelerator Technology Holdings - investment committee member.
- Inovent - Advisory Board member.
Connections
Notes
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 The DIY boss and the private network he assembled himself, The Independent, 28 July 1996.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Henry Sweetbaum – Chairman, International Centre for the Study of Radicalisation and Political Violence, accessed 15 July 2015.
- ↑ 3.0 3.1 Steve Lohr, WICKES'S NEW LOOK IN EUROPE, New York Times, 22 April 1986.
- ↑ 4.0 4.1 Ex-Wickes boss quit over fraud, This is Money, 18 September 2002.
- ↑ Ex-Wickes trio cleared of fraud, The Telegraph, 26 November 2002.
