ntl appoints Virgin's Gordon McCallum to its Board of Directors
# Sep 13, 09:48 AM by Mick
ntl earlier this week announced the appointment of, chief executive officer of Virgin Management Ltd., Gordon McCallum, to its board of directors, a role which is effective immediately. Gordon joined Virgin Management in 1998 and is a member of the Group’s Investment Advisory Committee, and works on all aspects of Virgin Group’s strategy.
However, due to a listing rule of the Nasdaq Global Select Market, Gordon McCallum’s association with Virgin, his appointment will cause ntl, temporarily to become noncompliant.
Yesterday (Sept. 12), ntl announced that it had received a staff deficiency letter from Nasdaq Global Select Market, regarding the non-compliance with board independence requirements. The company now fails to comply with Rule 4350 c (1), which is a requirement for any company to be continuously listed on Nasdaq.
By September 26th 2006, ntl is said to outline its intentions to regain compliance with Rule 4350 c (1) by means of either the appointment of an additional independent director or by securing the resignation of an existing director.
Commenting on the appointment – Steve Burch, ntl’s Chief Executive Officer, said:
“We are delighted that Gordon McCallum has joined the NTL Board. Gordon brings with him a wealth of experience and expertise, and his appointment is another encouraging step towards the full integration of ntl:Telewest and Virgin Mobile.”
Commenting on his appointment – Gordon McCallum said:
“I am pleased to have joined the NTL Board. It is an exciting time for all of us and I am looking forward to playing a full part in ensuring the future success of the newly merged company.”