Shares in the fast growing African conglomerate Lonrho slumped 9 per cent to 9.36p after the company confirmed that Sir Richard Needham had resigned his post as non-executive director.
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The resignation reportedly comes after a dispute between Mr Needham and David Lenigas, Lonrho's executive chairman. This mars what had otherwise been a good start to the year for Lonrho, which recently announced solid first-quarter trading and rising profits across its transportation and agriculture interests on the continent.