Russell Reynolds Associates have been engaged to find a successor to Aidan Barclay, Sky News learns.
The publisher of The Daily Telegraph is to appoint a new chairman after receivers acting on behalf of its parent company's lender kicked off a search to replace Aidan Barclay.
Sky News has learnt that the newspaper's holding company's new independent directors have asked Russell Reynolds Associates to handle the process.The appointment of a new chair will come as Lloyds Banking Group - the main lender to the Barclay family, the Telegraph titles' former owner - prepares to hire bankers to orchestrate a sale.
Lazard, which is already advising Lloyds, Goldman Sachs and JP Morgan are understood to be in contention for that role. Insiders said that Stephen Welch and Boudewijn Wentink, who were appointed by receivers AlixPartners, would decide on the preferred candidate for the chairmanship. The impending auction of the Daily and Sunday Telegraph titles, and the weekly current affairs magazine, The Spectator, is expected by some analysts to fetch in the region of £600m.
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