A BOARDROOM bust-up over the running of the new Worldchoice
shareholder scheme has led to the sudden resignation of managing director
Julian Foster.
Grassroot members said they were stunned by the news, which
followed the approval of the shareholder value scheme at an extraordinary general
meeting.
The scheme has raised £1.1 million to turn the organisation
into a profit-driven business by buying existing member shops or new outlets. A
document leaked to Travel Weekly states: “Only when it became apparent
that the scheme was going to succeed did he (Foster) tender his resignation.”
Insiders say Foster, the only dissenter on the board, was
unhappy with the setting up of a subsidiary company, Worldchoice Enterprises,
to run the share operation.
It is understood he would have preferred a totally separate company
to run the scheme – fearing its failure could cost members thousands of pounds.
Managing director of Worldchoice Enterprises Keith Wilson
said Foster was mistaken in his view.