Sir Ian Prosser, who was forced to step aside as Sainsbury’s chairman-elect is to meet some of the institutional investors whose opposition forced his humiliating u-turn.
Sir Ian sent a letter to a selection of fund managers he had suspected had played a part in his downfall. In the letter, Sir Ian said: “I am not ready to be written off when, at just over 60, I have a number of years of productive potential ahead of me I wish to continue to use my skills and experience.”
Some investors said they were deciding whether to take up the invitation. One said: “It may be worth listening to what he has to say.”
Sainsbury’s shareholders were angry to learn that Sir Ian had been chosen to succeed Sir Peter Davis as chairman in July 2005. They believed he destroyed shareholder value while at Six Continents and said he lacked the interpersonal skills to turn Sainsbury’s round.
His letter defends his record as chairman of Bass and its successor Six Continents, the hotel and leisure business.
One supporter of Sir Ian said: “He just wants to set the record straight. Over the years on average he has made money for shareholders. The Sainsbury’s episode was like a village stoning.”
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