Oh Mandy. You came and you took and kept taking. For it is not just the Labour party wrestling with the fallout from the Peter Mandelson scandal. Global Counsel – the lobbying firm which he co-founded in 2010 with his former aide Benjamin Wegg-Prosser – is battling to cope with the wave of bad PR which has followed Mandelson’s humiliation. And now, amid reports of firms looking at cutting ties over Mandelson’s stake in GC, its leadership has decided to act.
Wegg-Prosser is out as CEO, according to an email by chairman Archie Norman, first seen by Guido Fawkes. It says that:
I am writing to inform you that we have reached an agreement for the divestment of Peter Mandelson’s shares in Global Counsel and that the transaction will be completed later today subject to final approvals. The completion of this transaction will bring to an end any connection between Global Counsel and Peter Mandelson. As a reminder, Peter Mandelson left the board of Global Counsel nearly two years ago when The Messina Group invested in the company and the board was restructured. His shareholding was “frozen” when he was appointed Ambassador to Washington last year, and his shares were designated as “C Class” with no voting rights, no dividend entitlement, and a capped valuation. The final step was to arrange the divestment of the shares which, given the context and as a minority stake in a private company, has not been easy. With the necessary progress made on the divestment, Benjamin Wegg-Prosser, founder and CEO of Global Counsel, has decided to step down. The Board has asked Rebecca Park to take on the leadership of GC. I want to thank Ben for his loyalty and commitment to GC. He has built a great firm and strong team who will take the business forward and I am delighted that Becca has agreed to become CEO. Global Counsel is independently governed and led, and remains focused on delivering high-quality, independent advice to our clients. Our Board and leadership team are fully aligned in moving the firm forward with integrity, stability, and confidence.
Toxic Mandy strikes again…
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