Tim Parker

Timothy "Tim" Charles Parker (born 19 June 1955), is Chairman and Chief Executive of Samsonite and non-executive Chairman of the Autobar Group, the largest vending operator in Europe. He is also an Industrial Partner of CVC Capital Partners.^[1]

Private life

Tim Parker was educated at Abingdon School and Pembroke College, Oxford, where he was Chairman of the Oxford University Labour Club. He holds an M.A. in Philosophy, Politics and Economics from Oxford, and an MSc. in Business Studies from the London Business School. He worked for a short spell as an economist in HM Treasury, and later joined the Thorn EMI Group, PA, to Sir William Barlow, Chairman of the Engineering Group.^[2]

At the age of 26, Parker was appointed President of GD Blakeslee, a subsidiary of Thorn EMI in Chicago.^[3] Tim Parker lists his hobbies as playing the flute, collecting art and running. He also owns the British Pathe Film Archive, perhaps the foremost 20th-century film record in the English language. He is married and has four children.^[4]

Career

On his return from the US in 1983, Parker became Managing Director of Crypto Peerless, a Birmingham company manufacturing foodservice equipment. In 1986, he was appointed CEO of Kenwood Appliances, and in 1989 completed and LBO of the business, backed by Candover Partners. The company was purchased for £54m and subsequently listed on London Stock Exchange in 1992 at a valuation of £104m.

In 1996, Parker was appointed CEO of Clarks Shoes, the leading non-athletic shoe brand in the world. During a period of six years the company was substantially reorganised, withdrawing from European manufacture, and reviving the Clarks brand with more up-to-date shoe styles. 20 factories were closed.^[2] Over this period, the profitability of the footwear business increased 150% and the company posted record results in 2002.

In 2002, Parker moved to Kwik-Fit. Backed by CVC Capital Partners, he completed a £340m Management Buy-in from Ford. Following a major restructuring of the business, the operating profits increased by 250% in a two-year period. The business was sold to PAI in 2005 for £800m.

During 2004, CVC and Permira purchased the AA from Centrica for £1.75 billion, and Parker was asked to become CEO. During the next two years, the business carried out a fundamental restructuring programme. Half of the 7000 people who made up the workforce were made redundant.^[5] A large proportion of the savings made were reinvested in the business, leading growth in membership and the insurance portfolio. EBITDA increased from £120m in 2004 to £305m in 2007. In 2007, the AA merged with Saga, at an enterprise value of £3.35 billion.

Parker spent a very short period in 2008 as First Deputy Mayor of London, working with Boris Johnson.^[5]

In late 2008, Parker became non-executive Chairman of the Samsonite Corporation, and the beginning of 2009, also CEO. The business was severely hit by the global credit crisis, profits declined sharply in 2009 to $53m from $148m the preceding year. Following a period of extensive restructuring, and investments in products and marketing, the company re-emerged much stronger, and in 2011 achieved record results of $250m. Also in 2011, the company successfully listed on the Hong Kong Stock Exchange, with a market capitalisation of $2 billion.^[6]

Tim Parker served on the Boards of three FTSE 100 companies: Legal and General, Alliance Boots and the Compass Group. From 2008 to 2011, he was Chairman of Nine Entertainment Group, the largest media business in Australia. He was Chairman of the Emerging Africa Infrastructure Fund and a non-executive director of CDC Group plc and was a Board Member of the Audit Commission, and also of the South West Regional Development Agency.

References