Dumped boss dumps hotels shares

RICHARD North, dumped earlier this month as InterContinental Hotels chief executive, today stuck up two fingers at his former employer by selling his entire holding in the business.

North offloaded all 179,061 of his shares at 633p each, collecting £1.1m. He still holds options on shares with a current market price of about £6.3m.

The veteran hotelier was sacked by chairman David Webster after he and his fellow non-executives decided the company needed to be run by a brands expert.

The company today declared his reasons for selling his stake were 'for tax efficiency', although it is bound to be perceived as a reaction to what is one of the most extraordinary snubs of recent City history.

His departure came despite the company faring well in its trading record and an ambitious disposal programme that will see more than £1bn returned to shareholders.

North said at the time: 'I was shocked. I didn't expect it. The board had said nothing but complimentary things to me up until then. But I recognise their right to change the chief executive.'