Difference between revisions of "Henry Alan 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>
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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>
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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>
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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:
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::'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) - Company through which Sweetbaum received some of his remuneration while at Wickes.
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*[[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.
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*[[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]] -  
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*[[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==
*[[Henry Sweetbaum]]
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*[[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

Accelerator Technology Holdings - investment committee member.

Connections

Notes

  1. 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. 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. 3.0 3.1 Steve Lohr, WICKES'S NEW LOOK IN EUROPE, New York Times, 22 April 1986.
  4. 4.0 4.1 Ex-Wickes boss quit over fraud, This is Money, 18 September 2002.
  5. Ex-Wickes trio cleared of fraud, The Telegraph, 26 November 2002.