City hero and zero 2014: Fighting Frenchman Soriot ensures AstraZeneca remains in UK hands while Tesco's Clarke got shelved
The Daily Mail City team take a look at British businesses stars and sufferers of 2014.
HERO OF THE YEAR: Pascal Soriot, Chief executive, AstraZeneca
As well as winning the Rugby World Cup in 2003, Jonny Wilkinson achieved a very rare feat for an Englishman – being liked by the French as he captained Toulon to successive Heineken Cup victories.
Pascal Soriot, the French boss of pharmaceuticals giant AstraZeneca, has done the reverse, to become a flagbearer for UK plc.
The quietly spoken chemist managed to ensure another British company did not fall into foreign hands by fending off a £70 billion bid from US rival Pfizer.
Best of British: Frenchman Pascal Soriot, chief executive of AstraZeneca has become a flagbearer for UK plc
This showed a real strength of character as he and Astra’s board came under intense pressure from some major shareholders to strike a deal as Pfizer increased his bid.
But in standing firm, Soriot probably managed to save thousands of UK jobs.
The Wellcome Trust, the UK’s largest medical research charity, said as well as putting jobs at risk, a deal would have led to a substantial decline in the research and development of new drugs in the UK.
Sir David Barnes, a former Astra chief executive was more colourful, saying of the bid that it would 'act like a praying mantis, and suck the lifeblood out of their prey.'
The fact that one of Pfizer’s main reasons for wanting to snap up Astra was to cut its tax bill by moving its domicile to the UK, is another reason why Soriot’s stubborn resistance should be applauded.
ZERO OF THE YEAR: Philip Clarke, Former chief executive, Tesco
Clarke started his career as a shelf-stacker 30 years ago, and rose through the ranks to become chief executive in 2011.
Many long-suffering investors will now be wishing he’d stuck to stacking shelves.
Tesco, which was once a retailing giant that Britain could be proud of, has turned into a basket case.
Annus horribilis: Philip Clarke was forced to resign as chief executive of Tesco in what has been a bad year for the supermarket giant
Clarke finally resigned in July after the latest in a string of profits warnings, driven by weak sales as the behemoth lost market share to discount rivals Aldi and Lidl.
Alarming data published earlier this year suggested Tesco was losing more than a million customer visits a week as its market share recorded its biggest drop for 20 years.
He bumbled on until his successor, former Unilever veteran Dave Lewis, took the helm.
To call this a hospital pass, would be doing marketing supremo Lewis a disservice.
Tesco is now embroiled in the worst scandal in its 95-year history after it emerged that the grocer had been cooking its books under Clarke’s watch.
Eight executives were suspended and the Serious Fraud Office has launched a criminal investigation.
There is no suggestion that Clarke knew this was going on. But the fact that his team felt the need to overstate profits in the first place says much about the firm’s dire performance and his lack of control.
Shares in the retailer have halved over the past year, as the spluttering performance and the accounting scandal have taken a heavy toll.
At least – fingers crossed – Tesco has stopped selling horsemeat burgers.
Most watched Money videos
- Aston Martin unveils new Vantage sports car capable of 202mph
- How to invest to beat tax raids and make more of your money
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Mini unveil an electrified version of their popular Countryman
- Would you retire abroad for cheaper living costs?
- Pair of rare 1980s Ford Sierra RS500 Coswotths head to auction
- German car giant BMW has released the X2 and it has gone electric!
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Four in 10 mortgages are being taken out by borrowers who...
- EnQuest posts another loss after hit from oil and gas...
- My friends say I'm a shopaholic but I'm 34, single and...
- Debt fuelled deals are bringing great British firms...
- D-day for crypto wunderkind who crashed to earth: Sam...
- Insurers are STILL stinging drivers by undervaluing...
- Insurance market Lloyd's of London toasts best result 'in...
- Spirent ditches Vivai as Keysight gatecrashes deal with...
- Thames Water shareholders refuse £500m lifeline plea
- Dividend hero SAINT's manager on the best shares for...
- MARKET REPORT: Carnival set for record year as bookings boom
- Competition watchdog clears Aviva's £460m acquisition of...
- Americans crashing Mondi bid for DS Smith plot UK listing...
- William Hill owner 888 agrees to flog assets as it...
- AO World shares surge as online retailer electronics...
- BUSINESS LIVE: Crypto fraudster SBF handed 25-year prison...
- My blood boils when I hear critics say Waspi women should...
- H&M profits spring back to life as it seeks to fight off...