ROVER FACES SHAKE UP IN CASH CRISIS
Rover ‘s tough new chairman Graham Day is set to announce a massive shake-up in the management of the ailing car and truck manufacturer. The state-owned group had been forecast to go into profit, but half-yearly results could reveal losses of more than £100 million.
Its Austin Rover division has lost more than £60 million In the first six months of the year and It is known that Leyland truck s are deeply in the red. Biggest disappointment for Mr Day and the Government has been the performance of the Austin Rover division, headed by Harold Musgrove.
Mr Musgrove, who started as an apprentice at Longbridge and was elevated to the chairmanship of ARG by Sir Michael Edwardes, has been criticised over the launch in July of the Rover 800 series . Despite collaboration with Honda, he brought the British version in nine months later than theirs, yet could produce only 1,500 cars for the dealers on launch.
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