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At the time of the merger LucasVarity announced plans for a £65 million pound savings programme. The areas streamlined included the treasury, communications and marketing departments, as well as divisional managers. "The merger created a unique opportunity to reassess the skills and competencies we require in the senior management team," said LucasVarity chief executive Victor Rice.
In 1998 it attempted to attempt to shift its head office to the USA; however, the company suffered an embarrassing defeat in a shareholder vote on its decision to move across the Atlantic, with claims that its directors were looking to cash in on the much higher pay packets available in the US. Victor Rice suffered a barrage of criticism from shareholders. He sold the company to TRW, a little known North American company.