Boris loses David Ross from Olympic staff
Tuesday, 9 December 2008 12:00 AM
London mayor Boris Johnson has lost his Olympic advisor following the misuse of shares in his Carphone Warehouse company.
David Ross, cofounder of the company, quit Carphone Warehouse yesterday after using millions of his shares as security against personal loans without telling the company.
In an email to the Mayor, Mr Ross said: "I reach this decision with sadness, as I have very much enjoyed making this contribution to British sport, which has been a lifelong passion.
"However, given the present circumstances, and while they are not connected to the Olympics, I must now devote my full attention to my private business interests."
The Mayor said: "I appreciate why David Ross feels he ought to stand down... He will, nevertheless, be a loss, having played an active and very useful role over the last seven months."
Olympics Minister Tessa Jowell said: "I spoke to the Mayor and both he and I have had an email from David Ross indicating that he would like to resign all his Olympic positions given the situation.
Mr Ross' resignation from City Hall brings the body count since Mr Johnson took over to four.
James McGrath, senior advisor, was forced to quit after saying black immigrants should leave London if they did not like the new mayor.
Ray Lewis, deputy mayor, was forced from the post following claims about his past.
Tim Parker, chairman of Transport for London, left his role after Boris decided the job was too important to leave to an unelected official.
The mobile phone company said Mr Ross told directors yesterday that he had pledged 136.4 million ordinary shares in Carphone Warehouse against personal loans between 2006 and 2008.
Mr Ross owns 177 million shares in Carphone Warehouse, representing 19.4 per cent of the company.
According to Carphone Warehouse, none of these loans are in default and Mr Ross has no intention of selling his shares.
However, stock exchange rules say company directors must make an announcement if they use their shares in this way.
He resigned yesterday "with immediate effect", the company said.
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