Page 14 - Stakis A Case Study

Eventually, in March 1988, it was announced that John
Loughray, the chief executive for 12 years and a member of

the company for 28 years, was stepping down from his post

at the end of that month, although he was to remain with

the company until October. Andros became managing

director and also took on the new post of Group deputy

chairman and was seen to be in line to succeed his father in

the post of chairman. In regard to this Andros Stakis was

quoted as saying,

"I think it depends on my performance as managing

director."

At the same time Frank O'Callaghan, the Group Finance

Director was appointed Group deputy managing director.

A spokesman for the company said that there was no

animosity attached to the resignation of Loughray and that

the move was voluntary. However, the press noted that this

normally accessible man was not available for comment on

the changes which had been announced.

Andros expressed his intentions thus,