CHAPMAN Freeborn has undergone a major change in ownership, with founder and chairman Chris Chapman and Carol Norman relinquishing majority ownership of the company Freeborn to a new management backed vehicle headed by Russi Batliwala, Shahe Ouzounian and Peter Joarder.
It is believed that both Chapman and Norman will retain a significant minority shareholding and will remain chairman and deputy chairman of the group board.
Explaining the decision, Chapman said: “This decision is about succession planning. Russi, Shahe and Peter have demonstrated over a significant period that they are very worthy inheritors of the Chapman Freeborn client service traditions which have, I believe, been key in seeing us grow so significantly over the years.”
Under the new structure Batliwala assumes the new role of chief executive officer, with Ouzounian appointed as chief operating officer and Peter Joarder now chief financial officer. It is believed that several forms of finance and corporate finance were used to fund the purchase.
