BSkyB finance chief heads for exit

BSKYB'S finance director, who was a potential candidate for the top post at the pay-TV giant before chairman Rupert Murdoch appointed his son, has quit.

Martin Stewart, 40, who last year earned almost £1m, is leaving the job three months after 30-year-old James Murdoch was named as chief executive. The appointment caused a storm, with accusations of nepotism and poor corporate governance.

After Murdoch Senior set up a sub-committee to look at suitable alternative candidates to replace the previously departed Tony Ball, Stewart's name came forward as the prime internal applicant. But Murdoch Junior was appointed at the annual meeting despite strong criticism.

A spokesman refused to comment on the circumstances of Stewart's departure. He had been finance director since 1998, having previously been financial controller. A statement said he will continue in his post until August unless a new finance director is appointed in the interim.

Stewart is on a one-year rolling contract. Most of his two million share options were granted at an exercise price above the current share value although a tranche that matures in July is worth about £250,000 at current prices.

A statement from Stewart said: 'After eight years of service to BSkyB, it is now the right time for me to pursue new opportunities.''

BSkyB shares slipped 9 1/2p to 742 1/2p.