Mike Slade is to step down as chief executive of Helical Bar after more than 31 years in charge. He will take up the role of non-executive chairman and will be replaced by his deputy Gerald Kaye in July next year. Here he talks to EG about his decision.
Why did you decide to step down as chief executive and become non-executive chairman?
It doesn’t happen until July but it gives the whole thing some time to bed in and let Gerald get his feet under the table.
We spoke to all the major shareholders because it’s outside the norm and it slightly offends governance, so we had to clear it with everyone.
One of the shareholders said: “We need to make sure Mike is a real non-exec and if he does make this move, he mustn’t interfere and Gerald must lead the business”. That’s right. I have no intention of fiddling. My role is to run the board and Gerald’s is to run the company.
The investor said that when I make the move in July I must leave the company and not appear at all for two months. I had to laugh. “Mike Slade has never been seen in the office for the past five years during August or September!” I said. We’ll be taking Leopard [Slade’s yacht] off and have five big races planned in the Mediterranean. Bloody funny.
Why did you decide to make the move now?
Some guys have said to me over the past few days: “Are you getting out at the top? Are you telling us something? Mike Slade is jumping off at the top?” It’s bollocks. I said five years ago that I would move when I was 70 and I’m 70 next August. That is why it’s happening in July.
What was the hardest downturn you endured?
The 2007-2010 downturn was the hardest. We had never had a situation before in which the main banks were bust. That is as low as it gets in my book. It was towards the end of my career and I thought, f***, the whole thing is turning upside down just when I’ve started thinking about jumping off.
What will you miss the most?
The Helicalettes [Slade’s occasional entourage of glamorous ladies] will always be close to my heart. Talk about “PC” – I thought that stood for “please, constable”.
I think I will miss the banter the most, I’d go to a restaurant and people would say, “Hi Mike,” I’d get a few high fives, a bit of, “Who’s this woman you’re with, what’s going on?” That’s what I’ll miss, the banter. I can still do that, but I won’t have the expense account!
How would you like to be remembered?
I turned up at the College of Estate Management for LandAid day dressed as Buzz Lightyear. If that’s the sort of thing I’ll be remembered for, I’ll be delighted.
