LONDON — A day after Tom Lipsky ankled as president and CEO of Sanctuary Records Group in North America, the troubled U.K.-based indie shook up its board and brought in a new money man.
Former British Airways chief exec Bob Ayling has been named chairman of the Sanctuary Group and James Wallace has joined Sanctuary’s board as a non-executive director. The company plans to appoint another non-executive director soon.
Wallace is chairman of Bodycote and the Lowry Center in Manchester, England, and a non-executive director of Holidaybreak and NCC Group. Ayling, a lawyer and former government legal adviser, is vice chairman of vacuum cleaner manufacturer Dyson and chairman of Holidaybreak.
Paul Wallace replaces finance director Mike Miller, who was instrumental in securing a $191 million rescue package for Sanctuary. Wallace is also a board member.
Assembling a new board was one of the conditions in the financial package that kept the company out of bankruptcy.
Sanctuary has management and merchandise divisions plus a record label. It has substantially trimmed its artist roster and management ranks, cutting ties with the likes of Matthew Knowles, whose urban division was a considerable money drain on Sanctuary.
“My priorities are to ensure proper standards of corporate governance and financial transparency and ensure the group delivers appropriate levels of performance,” Ayling said in a statement. “With the new board in place, I am optimistic that we can achieve these goals, although it may take time to do so.”