Difference between revisions of "Charles Miller Smith"

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[[Image:CharlesMillerSmith.jpg|left|150px|thumb{{ref|1}}]]
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[[Image:CharlesMillerSmith.jpg|left|150px|thumb|Charles Miller Smith{{ref|1}}]]
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Joined the Board of [[Scottish Power]] as Deputy Chairman in August 1999 and was appointed as Chairman in April 2000.
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==Background==
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[[Charles Miller Smith]] joined the Board of [[Scottish Power]] as Deputy Chairman in August 1999 and was appointed as Chairman in April 2000.
  
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Much of his career was with [[Unilever]], where he spent nearly 30 years, culminating in his appointment as Director of Finance, and of the Food Executive.
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Much of his career was with [[Unilever]], where he spent more than 30 years holding a wide range of financial and general management positions in the U.K., the Netherlands and India., culminating in his appointment as Director of Finance, and of the Food Executive.{{ref|2}}
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Mr. Smith was appointed chief executive-designate of '''Imperial Chemical Industries''' (ICI) from 1994 to 1999 and Chairman of ICI from 1999 to 2001.
  
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Charles was appointed Chief Executive of [[ICI]] in 1995 and then served as Chairman from 1999 to 2001.
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He was also an International Advisor to [[Goldman Sachs International]] from 2001 to 2005.
  
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Now, he is a board member of [[ICICI One Source plc]], an Indian company, and on the [[Ministry of Defence Management Board]].
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He was previously a non-executive director of [[Midland Bank]] plc. and [[HSBC Holdings]] plc as well.
  
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He is Chairman of the Economics Committee of the [[Confederation of British Industry]] and a Companion of the [[Institute of Management]]. He is also a Senior Advisor to [[Warburg Pincus International, LLC]]. {{ref|2}}
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Now, he is a Director of '''ICICI One Source''' plc, an Indian company, and is a member of the Defence Management Board of the Ministry of Defence.
  
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#{{note|1}} [http://www.scottishpower.com/MeettheBoard_860.asp Photograph of Charles Miller Smith], 20 March 2007
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He is Chairman of the Economics Committee of the '''Confederation of British Industry''' and a Companion of the '''Institute of Management'''. He is also a Senior European Advisor to [[Warburg Pincus International]], LLC. {{ref|3}}
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#{{note|2}} [http://www.scottishpower.com/MeettheBoard_860.asp Source], 20 March 2007
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==Restructuring the company==
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Mr. Smith was involved with [[Simon Lowth]] and former chief executive [[Ian Russell]] in the decision to restructure [[Scottish Power]] in September of 2005. This meeting resulted in getting rid of two top executives - [[David Nish]] and [[Charles Berry]]. Along with these sackings, the human resources director, [[Mike Pittman]], and the communications chief, [[Dominic Fry]] were dismissed as well. The explanation given referred to when [[Scottish Power]] announced the £5.1 billion sale of its giant US business [[PacifiCorp]] to the world-famous entrepreneur Warren Buffet. [[PacifiCorp]] was responsible for two-thirds of [[Scottish Power]]'s valuation, which meant that the company would become much smaller when the deal went through. The idea of the restructuring was to slim down the group - stripping out the four directors in the process - preparing it for life as a smaller, independent, predominantly UK-based utility. However, it was not mentioned that the group's smaller size was what had attracted [[E.ON]]'s attention or that the downsizing was threatening the independence of one of Scotland's biggest companies. To this day, the company has yet to publicly link the two events - despite the asking of questions in parliament. Later that same day, [[E.ON]] confirmed that it was considering its options regarding a possible takeover of [[Scottish Power]]. {{ref|4}}
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== Notes ==
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#{{note|1}} Photograph from Scottish Power [http://www.scottishpower.com/MeettheBoard_860.asp Meet the Board], Charles Miller Smith, accessed 20 March 2007.
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#{{note|2}} Board Member History from Scottish Power [http://www.scottishpower.com/MeettheBoard_860.asp Meet the Board], Charles Miller Smith, accessed 20 March 2007.
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#{{note|3}} Company information from Warburg Pincus [http://www.warburgpincus.com/people/profiles/european_advisors/miller_smith_charles.html People], Charles Miller Smith, accessed 17 April 2007.
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#{{note|4}} Company restructuring from The Scotsman [http://thescotsman.scotsman.com/index.cfm?id=1906742005 "Battle to keep ScottishPower in Scotland"] Top Stories, accessed 19 April 2007.

Latest revision as of 15:10, 22 April 2007

Charles Miller Smith[1]

Background

Charles Miller Smith joined the Board of Scottish Power as Deputy Chairman in August 1999 and was appointed as Chairman in April 2000.

Much of his career was with Unilever, where he spent more than 30 years holding a wide range of financial and general management positions in the U.K., the Netherlands and India., culminating in his appointment as Director of Finance, and of the Food Executive.[2]

Mr. Smith was appointed chief executive-designate of Imperial Chemical Industries (ICI) from 1994 to 1999 and Chairman of ICI from 1999 to 2001.

He was also an International Advisor to Goldman Sachs International from 2001 to 2005.

He was previously a non-executive director of Midland Bank plc. and HSBC Holdings plc as well.

Now, he is a Director of ICICI One Source plc, an Indian company, and is a member of the Defence Management Board of the Ministry of Defence.

He is Chairman of the Economics Committee of the Confederation of British Industry and a Companion of the Institute of Management. He is also a Senior European Advisor to Warburg Pincus International, LLC. [3]

Restructuring the company

Mr. Smith was involved with Simon Lowth and former chief executive Ian Russell in the decision to restructure Scottish Power in September of 2005. This meeting resulted in getting rid of two top executives - David Nish and Charles Berry. Along with these sackings, the human resources director, Mike Pittman, and the communications chief, Dominic Fry were dismissed as well. The explanation given referred to when Scottish Power announced the £5.1 billion sale of its giant US business PacifiCorp to the world-famous entrepreneur Warren Buffet. PacifiCorp was responsible for two-thirds of Scottish Power's valuation, which meant that the company would become much smaller when the deal went through. The idea of the restructuring was to slim down the group - stripping out the four directors in the process - preparing it for life as a smaller, independent, predominantly UK-based utility. However, it was not mentioned that the group's smaller size was what had attracted E.ON's attention or that the downsizing was threatening the independence of one of Scotland's biggest companies. To this day, the company has yet to publicly link the two events - despite the asking of questions in parliament. Later that same day, E.ON confirmed that it was considering its options regarding a possible takeover of Scottish Power. [4]

Notes

  1. ^ Photograph from Scottish Power Meet the Board, Charles Miller Smith, accessed 20 March 2007.
  2. ^ Board Member History from Scottish Power Meet the Board, Charles Miller Smith, accessed 20 March 2007.
  3. ^ Company information from Warburg Pincus People, Charles Miller Smith, accessed 17 April 2007.
  4. ^ Company restructuring from The Scotsman "Battle to keep ScottishPower in Scotland" Top Stories, accessed 19 April 2007.
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