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Last Updated: Wednesday, 7 April, 2004, 11:33 GMT 12:33 UK
Eurotunnel: Winners and losers
As Eurotunnel's board prepares to walk the plank, BBC News Online looks at the winners and losers in the battle to run the cross-Channel tunnel operator.

WINNER: NICOLAS MUGUET, Shareholder activist

Nicolas Miguet is a failed right-wing presidential candidate, whose political experience has brought a campaigning flourish to his crusade to oust Eurotunnel's board.

Nicolas Miguet
Mr Miguet is a colourful character

The French entrepreneur publisher and former bankrupt runs financial news magazines and stock market tip sheets, which he has used as a platform against Eurotunnel's managers.

In February, he lost a libel case brought by Eurotunnel chief executive Richard Shirrefs.

The French court fined Mr Miguet the sum of 10,000 euros (£6,600; $12,100) for "remarks systematically filled with abuse" of Mr Shirrefs, ordering him to publish apologies in three magazines and pay the Eurotunnel boss's costs.

Mr Miguet was convicted of fraud more than 10 years ago, something that Eurotunnel has publicised but that allies on the new board have dismissed as a youthful indiscretion.

Defending his own business accumen, Mr Miguet told the BBC that "compared to Eurotunnel it's a very good track record" as his firm's shareholders have "made a 4,000% increase on their investment".

LOSER: RICHARD SHIRREFS, Eurotunnel chief executive

Eurotunnel chief executive Richard Shirrefs' career path could not be a greater contrast to his colourful opponent.

Richard Shirrefs
Mr Shirrefs has never hidden Eurotunnel's problems
The Norwich-born accountant has spent most of his career working for big, established companies.

In 1979, he moved to Paris at the age of 24 with barely enough French to order a beer.

But his eccentricity seems to stop there. In France, Mr Shirrefs worked for US oil firm El Paso, before switching to the vehicle parts industry, then joining French supermarket chain Catteau which was part of UK grocery giant Tesco.

He joined Eurotunnel as chief financial officer in 1996, winning promotion to chief executive in 2002.

As the only executive director, he will lose his £380,000 job in the board shake-up.

Mr Shirrefs cannot be accused of glossing over the extent of the problems facing the Channel Tunnel rail operator. Instead, he has set out a plan for 70% cuts in fees to encourage rail freight firms to use the route.

He dismissed the rebels' turnaround plans as a "sound-bite solution" in a recent interview with the Evening Standard newspaper.

WINNER: HERVE HUAS, Eurotunnel's new finance director

Herve Huas takes on the job of slashing Eurotunnel's huge debts and reshaping the business to turn a profit.

He brings 20 years' experience at investment bank JP Morgan to the task.

Mr Huas thinks Eurotunnel's board have been dragging their feet over glaring problems of falling revenue that threaten to push the firm into insolvency.

Since 2001 "really nothing much has been done to weather the problems... which Eurotunnel is facing," he told the BBC.

His recipe for recovery is to "jump start the company again" with promotional deals and to cut operating costs. A new deal with Eurotunnel's banks is high on his list.

"The piecemeal debt restructuring that has been done so far by the management is not a prescription for the long term" he said.

LOSER: PHILIPPE BOURGUIGNON, Eurotunnel chairman designate

Eurotunnel's board picked Philippe Bourguignon to take over as chairman, but now it looks as if he will never get the job.

Philippe Bourguignon
Mr Bourguignon may never get the job
He was chosen for his experience in the leisure industry, having headed Euro Disney in the mid-1990s before moving on run resort operator Club Mediterranee until last summer.

Mr Bourguignon is co-chief executive of the World Economic Forum, the prestigious schmoozing shop for politicians and business leaders.




SEE ALSO:
Crunch time for Eurotunnel board
07 Apr 04  |  Business
Eurotunnel to seek ex-Disney boss
23 Mar 04  |  Business
Eurotunnel racks up big losses
09 Feb 04  |  Business
Eurotunnel battle gathers pace
14 Oct 03  |  Business
Eurotunnel warns on revenues
21 Jul 03  |  Business
Eurotunnel attacks state 'inaction'
11 Feb 02  |  Business


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