David Ross leaves company over misuse of shares.
The BBC reports that David Ross, the co-founder of retail giant Carphone Warehouse and 19.4 per cent owner of the company, has resigned after he was found to have used his shares as security against personal loans.Specifically, London Stock Exchange rules state that companies must make official announcements to investors if company directors wish to use shares as security.
It seems Ross, however, neglected to inform the Carphone board of his actions, something chief exec Charles Dunstone said was "probably an oversight or a misunderstanding of what needed to be done".
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