The immediate reaction of Ross Buchanan’s colleagues was shock and disbelief, quickly followed by almost universal protest. One director remained silent: the only one who wasn’t surprised by the announcement. It quickly became clear that almost every member of the board didn’t want Buchanan to stand down. The chairman waited for everyone to settle, before he continued.
“I’m touched by your loyalty, but it’s my duty to inform you that a major shareholder has made it clear that I no longer enjoy his confidence,” he said, stressing the word his. “He reminded me, and quite rightly, that I put my full authority behind the building of the Buckingham, which in his opinion has proved to be ill-judged at best, and irresponsible at worst. We have already missed the first two of our completion dates, and our expenditure is currently running at eighteen percent over budget.”
“All the more reason for you to stay on the bridge,” said the admiral. “The skipper should be the last person to abandon ship when there’s a storm brewing.”
“In this case I think our only hope is for me to abandon ship, admiral,” said Buchanan. One or two heads bowed, and Emma feared that nothing she could say would make Buchanan change his mind. “In my experience,” he continued, “whenever circumstances such as those we are now facing arise, the City looks for fresh leadership to resolve the problem, and resolve it quickly.” Ross looked up at his colleagues, and added, “I am bound to say that I don’t think you’ll have to look beyond the current directors to find the right person to take my place.”
“Perhaps if we were to appoint Mrs. Clifton and Major Fisher as joint deputy chairmen,” suggested Anscott, “that might calm the nerves of our masters who occupy the Square Mile.”
“I’m afraid they would see that for what it is, Anscott, a short-term compromise. If at some time in the future Barrington’s needs to borrow even more cash, your new chairman must go to the banks not cap in hand, but with confidence, the most important word in the City’s dictionary.”
“Would it help, Ross”—the first time Emma had called the chairman by his Christian name during a board meeting—“if I made it clear that my family has full confidence in your stewardship and wishes you to remain as chairman?”
“I’d be touched, of course, but the City would be unmoved, and would regard it as nothing more than a gesture. Although at a personal level, Emma, I am most grateful for your support.”
“And you can always rely on my support,” Fisher chipped in. “I’ll back you to the end.”
“That’s the problem, major. If I don’t go, it may well turn out to be the end, the end of this great company as we know it, and that isn’t something I could live with.” The chairman looked around the table in case anyone else wanted to offer an opinion, but they all now appeared to accept that the die had been cast.
“At five o’clock this afternoon, after the Stock Exchange has closed, I shall announce that for personal reasons, I have tendered my resignation as chairman of the board of Barrington Shipping. However, with your agreement, I will remain in charge of the day-to-day affairs of the company until a new chairman has been appointed.”
No one raised any objection. The meeting broke up a few minutes later, and Emma was not surprised to see Fisher quickly leave the boardroom. He returned twenty minutes later to join his colleagues for lunch.
* * *
“You’ll need to play your one trump card,” said Martinez after Fisher had told him the details of what had happened at the board meeting.
“And what might that be?”
“You’re a man, and there isn’t a publicly listed company in the country that has a female chairman. In fact, few even have a woman on the board.”
“Emma Clifton makes a habit of breaking the mold,” Fisher reminded him.
“Maybe so, but can you think of any of your fellow directors who might not be able to stomach the idea of a woman chairman?”
“No, but—”
“But?”
“I do know that Knowles and Anscott voted against women being allowed inside the club house of the Royal Wyvern Golf Club on match days.”
“Then let them know how much you admire their principled stand, and that you would have done the same had you been a member of the club.”
“I did, and I am,” said the major.
“Then that’s two votes in the bag. What about the admiral? After all, he’s a bachelor.”
“A possibility. I remember he abstained when her name was first put up as a board member.”
“A possible third.”
“But even if they did back me, that’s still only three votes, and I’m fairly certain the other four directors would support Mrs. Clifton.”
“Don’t forget, I’ll be appointing two more directors the day before the meeting is due to take place. That will give you six votes, more than enough to tip the balance in your favor.”
“Not if the Barringtons were to take up all the other places on the board. Then I’d still need another vote to be certain of victory, because if the result was a tie, I’m fairly sure Buchanan would give his casting vote to Mrs. Clifton.”
“Then we’ll need to have another director in place by next Thursday.”