Asda Property was hit by a second boardroom resignation this week when finance director Paul Huberman announced plans to leave.
Huberman, who has been finance director for seven years, is stepping down next April. He is the second board director to resign this year, following long-serving managing director Tony Roscoe, who quit suddenly in March after a boardroom row.
Huberman said that there was no acrimony between himself and the company but that his decision to leave the £200,000-a-year job was sparked by Roscoe’s departure.
“It was a difficult atmosphere after Tony left,” he said. “There were tensions within the boardroom between myself and other directors. I decided life’s too short and took the view I’d rather leave and look elsewhere.”
Huberman does not have another job lined up but wants to stay in the property sector. “We’ve reached an amicable settlement and I’m open to offers,” he said. Huberman was on a two-year contract.
Asda executive chairman Manny Davidson, who owns 6% of the company, has reshaped the board following the departure of the two key directors.
The company has abandoned its search for a managing director to fill the gap left by Roscoe. Asda appointed headhunters after he left but they were unable to find a suitable replacement.
Davidson has instead confirmed investment director Patrick Ranger’s promotion to group property director, a role which he has carried out for the past nine months.
Huberman will be replaced by a former Coopers & Lybrand partner, David Stewart. Stewart, 56, joins as deputy chairman and finance director on January 1.
