Tiphook finance chief quits: Transport group tries to restore investors' confidence

THE RESIGNATION of Tiphook's finance director, Rodger Braidwood, was seen yesterday as the latest attempt by the debt-laden transport group to reassure institutional investors suspicious of the controversy that has dogged the company.

Mr Braidwood, finance director since June 1987, will be replaced by his deputy, Andrew Chandler, formerly group financial controller.

Mr Braidwood had borne the brunt of criticism over accounting policies in Tiphook's annual results, released a month ago. The company, which rents trailers and containers, announced pre-tax losses of pounds 21.8m after accounting changes designed to bring it into line with US practice. Among one-off charges of pounds 77.3m were provisions for potential losses from foreign exchange and interest rate swaps.

Mark Mandleson, head of corporate treasury, left following the results although the company insisted his departure was unrelated.

Sources close to the company said that the resignation was not a response to shareholders' demands, but the board had acknowledged the perception that there was a lack of confidence in Tiphook's financial controls.

A spokeswoman said the parting was amicable but confirmed Mr Braidwood was to be paid total compensation of less than a year's salary despite having a three-year contract. He was paid slightly more than pounds 500,000 last year. He held 32,940 shares at 30 April 1992 and options over a further 1.2 million.

She added that the salaries of executive directors would be reduced this year, although the annual report due out next week would show salaries largely unchanged for the financial year just ended. Robert Montague, the founder chairman, was paid pounds 842,000, according to the 1992 annual report.

The company also confirmed that Rupert Hambro, currently a non-executive director, was to be appointed non-executive deputy chairman, although Eric Goodwin would continue as executive deputy chairman. The spokeswoman said more overseas non- executive directors were being sought.

Tiphook has been plagued by controversy relating to its management style, accounting policies and Stock Exchange investigations into its extremely volatile share price. There has also been concern about its debts.

Support for the group has come increasingly from US investors, who now hold more than half the equity.

The shares closed 2p lower at 242p.

(Photograph omitted)