Wikipedia

Tim Parker (businessman)

Timothy Charles Parker (born 19 June 1955)[1] is a British executive. He has been chairman of the National Trust, Post Office Ltd and Her Majesty's Courts and Tribunals Service (HMCTS). From 1986 to 2014, he was successively the CEO of Kenwood, Clarks Shoes, Kwik-Fit, the AA and Samsonite.

Tim Parker
Born (1955-06-19) 19 June 1955 (age 68)[1]
NationalityBritish

Early life and education edit

Parker was born in Aldershot, Hampshire, in 1955.[2] The son of an army officer, he spent much of his childhood abroad.[3][2] He was educated at Abingdon School in Abingdon, Oxfordshire, leaving in 1973.[4]

He attended Pembroke College, Oxford, where he was chairman of the Oxford University Labour Club.[5][2] He has an MA in philosophy, politics and economics from Oxford (1977),[6][7] and an MSc in business studies from the London Business School (1981).[6][7]

Career edit

After graduating from Oxford, Parker worked as a junior economist[8] in HM Treasury from 1977 to 1979.[7] In 1981, after obtaining his business degree, he joined Thorn EMI as assistant to Sir William Barlow,[8][2] chairman of the engineering group.[9]

At the age of 26, he was appointed CEO of Blakeslee, a small engineering subsidiary of Thorn EMI in Chicago.[10][2][1] After two years he had the business sold off as lacking in scalability.[11] Returning to the UK, he headed Crypto Peerless, a Birmingham company manufacturing foodservice equipment, which in a little over two years he took from break-even to £800,000 in profits.[2][11]

In 1986, he was appointed CEO of the appliance manufacturer Kenwood.[12][13] In 1989 he led a management-based leveraged buyout of the business, with backing from the private-equity firm Candover Investments; the company was purchased for £52 million.[2] It was listed on London Stock Exchange in 1992 at a valuation of £104 million.[2]

In 1996, Parker became CEO of Clarks Shoes.[14][15] He substantially reorganised the company,[16][17] closed 20 factories,[8] moved manufacturing overseas,[16][17] and revived the Clarks brand with more up-to-date shoe styles.[16][17] Within six years, the company's profitability increased by 150%,[18] and by the time he left, in 2002, it had revenues approaching £1 billion a year.[14]

In August 2002, he was hired as CEO of Kwik-Fit, after CVC Capital Partners acquired the company from Ford.[19][20] He undertook a major restructuring of the business, including cutting 3,000 jobs.[21] During his tenure as CEO, profits increased by 250%.[18] The business was sold to PAI Partners in 2005 for £800 million,[22] with Parker earning £20 million from the deal.[21]

In 2004, CVC Capital Partners and Permira purchased the AA from Centrica for £1.75 billion, and Parker was appointed CEO.[23] During the next two years, he carried out a fundamental restructuring programme and one-third of the company's 10,000 jobs were cut in the process.[11] Parker was subsequently dubbed the "Prince of Darkness" by trade unions.[1][24][25] The AA's EBITDA increased from £120 million in 2004 to £305 million in 2007.[11] In 2007, the AA merged with Saga at an enterprise value of £3.35 billion.[26][27]

From 7 July[28] to 19 August 2008,[29] Parker was first deputy mayor of London, under Boris Johnson. He was also chairman of Transport for London and CEO of the Greater London Authority during that period, before resigning.[30][31]

In November 2008, he was appointed non-executive chairman of Samsonite,[7] and was made CEO in January 2009.[7] CVC Capital Partners had acquired Samsonite in July 2007,[32] and the ensuing financial crisis of 2007–2008 hit the luggage company hard due to the declines in international air travel and consumer spending;[33][34] 2008 earnings before interest, tax, depreciation, and amortisation collapsed from $120 million to only $40 million globally.[34] Parker was brought in to turn the company around.[34][8] He restructured the company, replaced its management, cut jobs, closed stores, and invested funds in new suitcase designs and marketing.[8][35] In 2010, earnings before interest, tax, depreciation, and amortisation revived to $192 million.[35] The company was listed on the Hong Kong Stock Exchange in June 2011, raising $1.25 billion in the IPO.[36][37] Following his appointment to the National Trust, in August 2014 Parker resigned as CEO of Samsonite, effective 1 October 2014; he remained on as non-executive chairman of the company.[38]

In 2009, he was the lead investor in the private-equity acquisition of British Pathé, and the historic film archive launched a newly established and dedicated London office, and a new, updated, quicker, and simpler website.[39] He remains a director and owner of the British Pathé film archive.[40]

In 2014 Parker was appointed chairman of the National Trust, an unpaid role. In May 2021 the National Trust announced that he would be stepping down in October 2021.[41]

Parker became chairman of Post Office Ltd in October 2015,[42] in the midst of a long dispute between the Post Office and a number of subpostmasters over problems with its Horizon computer system.[43] In June 2016, he told subpostmasters that replacing the Horizon system would "incur considerable risk".[43] The faulty Horizon system was responsible for hundreds of subpostmasters being accused of accounting fraud and theft since its installation in 1999, and dozens of false convictions.[44] In December 2019, the Post Office agreed to a £58 million settlement, and a High Court judge ruled that bugs, errors, and defects in the Horizon system caused shortfalls in branch accounts.[45] In October 2020, after the Post Office conceded appeals by 44 former subpostmasters to overturn convictions linked to the Horizon accounting scandal, Parker issued an apology, stating "I am sincerely sorry on behalf of the Post Office for historical failings which seriously affected some postmasters. Post Office is resetting its relationship with postmasters with reforms that prevent such past events ever happening again. Post Office wishes to ensure that all postmasters entitled to claim civil compensation because of their convictions being overturned are recompensed as quickly as possible. Therefore, we are considering the best process for doing that".[46][47][48] The prosecution by Post Office Ltd of 732 subpostmasters in relation to the faulty Horizon system is described as the biggest miscarriage of justice in British history.[49] He resigned as chairman of Post Office Ltd on 30 September 2022.[50]

In April 2018, Parker was appointed chairman of Her Majesty's Courts and Tribunals Service (HMCTS), effective 27 April 2018.[51] He left HMCTS in December 2022.[52]

Additional board memberships edit

As of 2020, in addition to being chairman of Samsonite,[53] Parker is an advisor to CVC Capital Partners.[54]

He is also a trustee of the Royal Academy of Music.[55]

Personal life edit

Parker is married and has four children.[56]

See also edit

References edit

  1. ^ a b c d "Business profile: 'Prince of Darkness' to the rescue". The Daily Telegraph. 18 March 2007. Retrieved 16 November 2020.
  2. ^ a b c d e f g h Bevan, Judi (19 July 2008). "Can London be turned around like a troubled company?". The Spectator. Retrieved 16 November 2020.
  3. ^ Clarke, Hilary (25 April 1999). "The Hilary Clarke Interview: Tim Parker - Clarks kicked into shape". The Independent. Archived from the original on 7 May 2022. Retrieved 17 November 2020.
  4. ^ "Prominent OAs Today". Abingdon School. April 2018. Retrieved 16 November 2020.
  5. ^ Thomson, Alice (23 September 2017). "Tim Parker: 'The hoo-ha about politically correct National Trust is a travesty'". The Times. Retrieved 16 November 2020.
  6. ^ a b "Tim Parker". CVC.com. Retrieved 16 November 2020.
  7. ^ a b c d e "Global Offering" (PDF). www4.Samsonite.com. 3 June 2011. p. 244. Retrieved 16 November 2020.
  8. ^ a b c d e "From shoes to luggage, it's another open and shut case for Samsonite's Tim Parker". Evening Standard. 3 May 2013. Retrieved 16 November 2020.
  9. ^ "Sir William Barlow FREng". Royal Academy of Engineering. Retrieved 16 November 2020.
  10. ^ Sangani, Priyanka; Mahanta, Vinod (14 February 2014). "Samsonite's Tim Parker on the art of revival". The Economic Times. Retrieved 16 November 2020.
  11. ^ a b c d Gwyther, Matthew (24 March 2016). "Meet the 'Prince of Darkness': Tim Parker on private equity and higher taxes". Management Today. Retrieved 16 November 2020.
  12. ^ "Timothy Parker steps down as CEO of Samsonite". Retail Gazette. 29 August 2014. Retrieved 17 November 2020.
  13. ^ Farrelly, Paul (7 July 1996). "A bit of spit and polish". The Independent. Archived from the original on 7 May 2022. Retrieved 17 November 2020.
  14. ^ a b "Back to basics at the AA". Campaign. 13 October 2004. Retrieved 17 November 2020.
  15. ^ Palmer, Mark (2013). Clarks: Made to Last: The Story of Britain's Best-Known Shoe Firm. Profile Books. ISBN 978-1847658456 – via Google Books. Contact was established and he was appointed on 29 September 1995, although he would not start until January 1996.
  16. ^ a b c Rigby, Rhymer (1 July 2000). "Return of the Old Soft Shoe". Management Today. Retrieved 17 November 2020.
  17. ^ a b c "Business Profile: Clarks kicks off the cosy slippers and tries on a Swizzle". The Daily Telegraph. 24 November 2001. Retrieved 17 November 2020.
  18. ^ a b Moreton, Cole (13 February 2016). "National Trust chairman Tim Parker says organisation must be more diverse - but not Disneyfied". The Independent. Archived from the original on 7 May 2022. Retrieved 17 November 2020.
  19. ^ "Clarks chief to join Kwik-Fit". BBC News. 16 August 2002. Retrieved 18 November 2020.
  20. ^ Ashworth, Jon (28 August 2002). "The corridors of power..." Accountancy Age. Retrieved 18 November 2020.
  21. ^ a b Clement, Barrie; Shah, Saeed (27 November 2006). "AA boss admits to cutting too many jobs". The Independent. Archived from the original on 7 May 2022. Retrieved 18 November 2020.
  22. ^ Osborne, Alistair (25 June 2005). "Kwik-Fit saviour in line for £20m after sale agreed". The Daily Telegraph. Retrieved 18 November 2020.
  23. ^ Gow, David (1 July 2004). "AA's new owners plan flotation in five years". The Guardian. Retrieved 18 November 2020.
  24. ^ "The men who made £140m by merging the AA and Saga". Evening Standard. 25 June 2007. Retrieved 18 November 2020.
  25. ^ MacKenzie-Cummins, Paul (18 April 2017). "Cardiff Business Club interview: Tim Parker, Chair of the National Trust, Samsonite and the Post Office". Cardiff Business Club. Retrieved 18 November 2020.
  26. ^ Bowers, Simon; Griffiths, Ian (26 June 2007). "Saga and AA to merge in £6.2bn deal engineered by private equity firms". The Guardian. Retrieved 18 November 2020.
  27. ^ Peston, Robert (25 June 2007). "Saga plus AA equals ?". BBC News. Retrieved 18 November 2020.
  28. ^ "Businessman is new deputy mayor". BBC News. 22 May 2008. Retrieved 18 November 2020.
  29. ^ "Another aide to London mayor Johnson quits". Reuters. 19 August 2008. Retrieved 18 November 2020.
  30. ^ Sparrow, Andrew (19 August 2008). "Boris Johnson's mayoralty in 'disarray' after loss of third adviser". The Guardian. Retrieved 18 November 2020.
  31. ^ Pickard, Jim (19 August 2008). "Departure number three for mayor Boris". Financial Times. Retrieved 18 November 2020.
  32. ^ Sivaraman, Aarthi; Flaherty, Michael (5 July 2007). "CVC to acquire Samsonite for $1.1 billion". Reuters. Retrieved 19 November 2020.
  33. ^ Arnold, Martin (31 May 2009). "Samsonite forced to swap debt for equity". Financial Times. Retrieved 19 November 2020.
  34. ^ a b c Ebrahimi, Helia (30 May 2009). "Samsonite bags debt- for-equity rescue deal". The Telegraph. Retrieved 19 November 2020.
  35. ^ a b Cookson, Robert (18 May 2011). "Samsonite looks to list in Hong Kong". Financial Times. Retrieved 19 November 2020.
  36. ^ "Samsonite goes public, again". The Denver Post. Bloomberg News. 10 June 2011. Retrieved 19 November 2020.
  37. ^ "Samsonite raises $1.25bn in Hong Kong IPO". BBC News. 10 June 2011. Retrieved 19 November 2020.
  38. ^ "Samsonite International appoints Ramesh Tainwala as new CEO". Business Standard. Press Trust of India. 27 August 2014. Retrieved 19 November 2020.
  39. ^ "British Pathés Date With History" (PDF). British Pathé. 8 June 2009. Retrieved 21 November 2020.
  40. ^ "Tim Parker". gov.uk. Retrieved 21 November 2020.
  41. ^ "National Trust chairman Tim Parker to step down". TheGuardian.com. 26 May 2021.
  42. ^ Armstrong, Ashley (12 July 2015). "'Prince of Darkness' Tim Parker named Post Office chair". The Telegraph. Retrieved 20 November 2020.
  43. ^ a b Flinders, Karl (6 June 2016). "'Considerable risk' if Post Office replaced Horizon system, says chairman". Computer Weekly. Retrieved 20 November 2020.
  44. ^ Croft, Jane; Pooler, Michael (2 October 2020). "UK postmasters clear hurdle in campaign to overturn convictions". Financial Times. Retrieved 20 November 2020.
  45. ^ Baynes, Chris (17 December 2019). "Hundreds of Post Office workers 'vindicated' by High Court ruling over faulty IT system that left them bankrupt and in prison". The Independent. Archived from the original on 7 May 2022. Retrieved 20 November 2020.
  46. ^ Jones, Alan (2 October 2020). "Post Office apologises for 'historical failings' in Horizon IT scandal". Yahoo! Finance. PA Media. Retrieved 20 November 2020.
  47. ^ Reynolds, John (3 October 2020). "Postmasters win long fight to clear names in Post Office fraud injustice". The Times. Retrieved 20 November 2020.
  48. ^ "Conviction set to be overturned for former postmistress from Cheltenham who was falsely accused of theft by Post Office". ITV News. 12 October 2020. Retrieved 20 November 2020.
  49. ^ "Former postmasters cleared after Britain's biggest miscarriage of justice". Channel 4 News. 23 April 2021.
  50. ^ "Timothy Charles PARKER personal appointments". find-and-update.company-information.service.gov.uk. 30 September 2022. Retrieved 13 July 2023.
  51. ^ "New chairman of HMCTS board appointed". gov.uk. 17 April 2018. Retrieved 19 November 2020.
  52. ^ "Sir Richard Broadbent appointed chair of HMCTS Board". gov.uk. 18 April 2023. Retrieved 13 July 2023.
  53. ^ "Mr. Timothy Charles Parker - Non-Executive Director". Samsonite. Retrieved 21 November 2020.
  54. ^ "Tim Parker". CVC Capital Partners. Retrieved 21 November 2020.
  55. ^ "Governing Body". Royal Academy of Music. Retrieved 21 November 2020.
  56. ^ "Tim Parker to be next Chairman of National Trust". National Trust. 27 June 2014. Archived from the original on 8 July 2014.
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