Eurotunnel chief quits

December 20, 2001 Posted: 1103 GMT

LONDON (CNN) -- The chief executive of Eurotunnel, the operator of the Channel Tunnel between Britain and France, is quitting after a boardroom clash.

The Anglo-French company said Chief Executive Philippe Lazare was leaving by mutual consent on December 31 after 14 months in charge. Lazare will be replaced by current Chief Financial Officer Richard Shirrefs.

Lazare becomes the second senior executive to leave the company this year after Chairman Patrick Ponsolle resigned in February.

"This decision is by mutual agreement... It  follows a difference of views on the management of the company," the company said.

A spokesman declined to elaborate, apart from saying the disagreement was not over strategy.

The spokesman added Eurotunnel would not be affected by strike action currently disrupting the services of passenger train operator Eurostar.

An official at Eurostar confirmed three trains on its London-Paris route and one on its London-Brussels route had been cancelled due to industrial action by French drivers on Thursday.

He added a further six trains on each route had been cancelled for Friday, when around half of Eurostar's 124 train managers, who are responsible for safety and customer care, are expected to go on strike in a dispute over pay.

Eurostar pays Eurotunnel for use of the channel tunnel, but the payments are guaranteed under a minimum usage agreement not due to expire until 2006.

"We won't be affected. We believe our full year results will be in line with expectations," the spokesman told Reuters.

Eurotunnel shares were unchanged at 66.5 pence in early London trading on Thursday. Its Paris-traded stock lost 1.9 percent to 1.05, valuing the company at 1.2 billion.

--Reuters contributed to this report