Amstrad founder Alan Sugar resigns after 40 years

by Staff Brand Republic 02-Jul-08, 10:35

LONDON - Sir Alan Sugar has stepped down as chairman of Amstrad, 40 years after he founded the company, in a move he said was planned following the company's acquisition by Sky last July.

The self-made multi-millionaire businessman, best known in recent years as the straight-talking chairman in the BBC reality show 'The Apprentice', will continue to be involved with his other business interests, including Amshold, Amsprop, Amsair and Viglen computers.

He will also return for a fifth series of 'The Apprentice' next year.

Since Sky acquired the business, Sir Alan has worked with Alun Webber, who took over as managing director of the company last year, while also continuing in his role as Sky's group director of strategic project delivery.

Sir Alan said: "The past 40 years have seen Amstrad grow from a start-up business to the success story that it is today, which is credit to the talented and loyal team here.

"Alun has worked closely with Amstrad over a number of years and is the right person to build on the success that we have seen to date. I step back knowing that the company's future is in good hands."

Amstrad was floated on the London Stock Exchange in 1980 and sold to BSkyB in a £125m deal in July 2007, earning Sir Alan £34.5m.

Having launched the company when he was 21, Sir Alan, now 61, has built up assets of £830m, most of which now comes from his property portfolio.