Brambles boss's job on the line

BRAMBLES chief executive Sir CK Chow was fighting to save his job today as the company updated shareholders after last week's disastrous profit warning from the embattled Anglo-Australian logistics giant.

A number of major shareholders have contacted Brambles chairman Don Argus demanding the sacking of former GKN boss Chow, 51, and his finance director David Turner, according to Australian sources.

The company's shares shed nearly a third of their value last week after it disclosed that problems in the European operations of its pallet business Chep would hit this year's figures. It was the third profits warning in the space of a year from the FTSE 100-listed group.

Broking houses have rushed to downgrade Brambles since then, with UBS Warburg saying 'investor confidence has been shattered'. Today Deutsche Bank slashed its target price from 280p to 150p and cut its rating from buy to hold.

Today Chow, who was paid a salary and performance package of A$3,098,000 (£1,087,000) last year, insisted at the annual meeting that Brambles was dealing with 'legacy issues' that had ravaged the share price

Brambles shares - listed in London and Sydney after last year's £ 7.1bn merger with GKN's industrial services business - have now lost 58% since being re-quoted following the merger. The shares rallied in London, rising 4 1/4p to 135p, although they had been higher in early trading.

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