Robert Clark (businessman)

Sir Robert Anthony "Bob" Clark
Born	(1924-01-06) 6 January 1924 Finchley, London, England
Died	3 January 2013(2013-01-03) (aged 88)
Occupation(s)	Naval officer, entrepreneur, merchant banker
Known for	British naval officer awarded the Distinguished Service Cross; chairman of Hill Samuel; involvement with Mirror Group

Sir Robert Anthony "Bob" Clark DSC (6 January 1924 – 3 January 2013) was a distinguished British naval officer and entrepreneur. He enrolled at King's College, Cambridge but departed at the age of 18 to enlist in the Royal Naval Volunteer Reserve during World War II. Due to his colour blindness, he was assigned to shore-based duties, which he found unsatisfactory. Eager for active service, he volunteered for the Special Operations Executive and operated in Italy, carrying out amphibious operations and liaising with resistance fighters in the Piedmont Mountains. After being captured by German forces, Clark received the Distinguished Service Cross in recognition of his bravery.

Following the war, an unexpected encounter led to a role at the law firm Slaughter & May, where he swiftly advanced to partnership. Subsequently, he moved into merchant banking with Hill Samuel, focusing on mergers and acquisitions. Clark held leadership and directorial positions across multiple companies and contributed to several governmental advisory groups. In 1969, he crossed paths with Robert Maxwell amid Maxwell’s bid to outmaneuver Rupert Murdoch for control of the News of the World, initiating a long-standing professional relationship. Clark guided Hill Samuel through its acquisition by TSB before accepting a non-executive directorship at Maxwell’s Mirror Group.

Clark became entangled in the controversy following Maxwell’s death in 1991, when it emerged that Maxwell had embezzled £492 million from the Mirror Group and its pension fund. Although Clark denied any knowledge of the misconduct, he faced a vote of no confidence from shareholders. He retained his position and was subsequently appointed chairman, spearheading efforts to restore confidence and rebuild the group after the crisis.

Early life

Born on 6 January 1924 in Finchley, London, Bob Clark was the son of Gladys and Jack Clark, a mechanical engineer who trained under Sir Charles Parsons. He attended Highgate School and was evacuated to Westward Ho! in Devon during World War II. At school, Clark served as captain of the football team and held the role of head boy. He pursued modern languages at King's College, Cambridge, where he earned a football blue, becoming the first recipient from that college in two decades.

Navy career

At 18, Clark left Cambridge to join the Royal Naval Volunteer Reserve as an officer cadet. During his training at , he discovered his colour blindness but managed to pass his medical exam by discreetly obtaining answers. He served aboard escorting convoys before undertaking further training at , though his colour blindness prevented him from being assigned to sea-going roles.

Desiring frontline engagement, Clark volunteered for the Special Operations Executive (SOE) in June 1943. After completing commando training, he was deployed to Algeria and Italy. Assigned to SOE's No 1 Special Force, he carried out amphibious sabotage missions and reconnaissance tasks alongside wireless operator Marjorie Lewis, who would later become his wife. Officially commissioned as sub-lieutenant in March 1944, he also undertook parachute training and took part in Operation Clarion, aiding partisan forces in northern Italy.

In November 1944, Clark parachuted into the Piedmont Mountains but landed off target, sustaining two broken ribs upon impact. Rescued by local partisans, he armed and trained them despite directives against supporting communist factions, recognizing their effectiveness. He managed arms supplies via drops and led sabotage operations targeting railway infrastructure. Awarded the Distinguished Service Cross, Clark was captured by German troops in December 1944 but avoided execution.

He was detained in several prisons before being transferred to a POW camp near Bremen. During captivity, Clark sent an uncoded message to Marjorie Lewis confirming his survival. Following liberation, they reunited and married in 1949. Notably, his childhood teddy bear Falla accompanied him throughout imprisonment—a rare wartime keepsake. Clark also served in the Pacific Theatre and received promotion to lieutenant in March 1946 before demobilisation later that year.

Post-war

After the war, Clark had intended to relocate to Sudan, but an unexpected encounter with his former commanding officer, Hilary Scott, in St James's led him to accept a clerical role at the law firm Slaughter & May. Clark confessed, "I had no legal background, yet I accepted the position. Fortune favored me." Within six years, at just 29 years old, he was made a partner. At Slaughter & May, his focus was on mergers for merchant bank clients, playing a key role in the hostile acquisition of Millspaugh by Hadfield. In 1957, Clark joined the board of Marchwiel Holdings (which later became Alfred McAlpine) and stayed until 1996.

Through his professional activities, Clark established connections with partners at merchant bank Philip Hill, Higginson, Erlanders (later known as Hill Samuel), one of the UK's leading banks. In 1961, he became their fourth partner and simultaneously retired from Slaughter & May. At Hill Samuel, he headed the issues and mergers division, advising on significant mergers within British industry. Among his notable achievements were overseeing General Electric Company plc's acquisitions of Associated Electrical Industries and English Electric under Arnold Weinstock’s leadership, as well as supporting growth initiatives for Racal, Beecham Group, and Courtaulds. Additionally, he played a pivotal role in expanding the firm's international business.

In 1967, Clark represented the Astor family during the sale of The Times to Lord Thomson of Fleet. When negotiations reached an impasse over £50,000, Clark resolved the deadlock by deciding the matter with a coin toss—winning the extra amount for the Astors. He preserved the half-crown used in this decision as a keepsake. Clark also contributed to drafting the 1968 City Takeover Code, which remains the framework governing UK takeovers today. He chaired the National Film Finance Corporation from 1969 to 1976 and acted on behalf of creditors during Rolls-Royce Limited's nationalization. Clark collaborated with Robert Maxwell during Maxwell’s 1969 attempt to acquire News of the World, which ultimately failed against Rupert Murdoch; nonetheless, Clark continued as banker for Maxwell's British Printing Corporation.

Between 1973 and 1980, Clark served as chairman of the government's Industrial Development Advisory Board. He often found himself frustrated by Secretary of State Tony Benn’s disregard for its recommendations and Benn’s promotion of workers' co-operatives at financially troubled companies such as Triumph Engineering and Fisher-Bendix. Despite these challenges, Clark remained in his role to temper Benn’s influence. In 1974 Benn invited him to participate in a government committee addressing difficulties faced by car manufacturers Austin and British Leyland. Clark was chairman of Leyland from 1976 until its nationalization during strike actions in 1977, after which Michael Edwardes took over. He stayed on Leyland’s board and in 1986 engaged with General Motors regarding an increased bid for Leyland Vehicles—a bid that was ultimately halted due to public concerns about Land Rover.

Clark assumed chairmanship of Hill Samuel Bank in 1974 and held this position until 1987. Knighted in 1976 and appointed director of the Bank of England that same year, he was reappointed twice more. Also in 1976, he became CEO of Hill Samuel holding group and served as chairman from 1980 through 1988. Initially resisting a takeover approach by Merrill Lynch, deregulation in 1986 convinced him that Hill Samuel lacked sufficient scale to compete effectively. Facing hostile bids from Kerry Packer and FAI Insurance, Clark initiated discussions with UBS and subsequently with TSB. TSB acquired Hill Samuel in 1988; Clark had joined TSB’s board in 1987 and served as deputy chairman between 1989 and 1991.

Clark held directorships at several prominent companies including Eagle Star (1976–1987), Royal Dutch Shell (1982–1994), Vodafone (1988–1998), and IMI (1981–1989). He also became the first chairman outside the founding family at Marley (1985–1989). His public service included membership on the Review Body on Doctors' and Dentists' Remuneration (1979–1986) and trusteeship at Charing Cross and Westminster Medical School (1981–1995). In recognition of his achievements, Cranfield Institute awarded him an honorary Doctorate of Science in 1982. From 1987 until 1995, Clark was vice-chairman of pharmaceutical company SmithKline Beecham. Additionally, he chaired United Drapery Stores where he oversaw rejection of a takeover proposal from Heron Foods before accepting an offer from Hanson plc.

Mirror Group

In 1986, Maxwell took control of the Mirror Group and subsequently took it public in May 1991, bringing Clark onto the board. Maxwell boasted that his bid would attract even a "one-eyed Bulgarian peasant." Clark sought to implement standard corporate governance but noted that Maxwell seldom heeded his counsel. Following Maxwell’s sudden death in November 1991, investigations uncovered financial irregularities, including 29 atypical transactions amounting to £230 million from Mirror to other Maxwell entities within a single year. These actions resulted in combined losses of £492 million impacting both the company and its pension scheme. Clark asserted that directors had no prior indications warranting intervention and explained to shareholders that no internal control framework could guard against collusion among trusted parties. Nevertheless, the Department of Trade and Industry reproached Clark and fellow non-executive director Alan Clements for neglecting to scrutinize these payments adequately. During an extraordinary general meeting (EGM), Clark was accused of being a Maxwell "crony," but he dismissed a motion of no confidence as procedurally invalid.

The liquidators of Mirror requested Clark’s continued involvement to bring stability to the firm; he assumed the chairmanship with Clements appointed as deputy chairman. Clark brought in David Montgomery as CEO and Lord Hollick as a director to aid in the company’s recovery. However, Hollick departed after five months following disagreements with Clark, who commented that Hollick "mistook politeness for weakness." Under Clark’s leadership, Mirror Group was steadied, and he resigned as chairman in 1998.

In 1993, Clark co-established the investment bank RP&C International (Rauscher Pierce & Clark), acquiring a 25% ownership stake and collaborating with a Texas-based bank for capital; he remained on its board until his passing. Between 1992 and 1995, he served as deputy chairman of Fenchurch, continuing as a board member until 1998. In 1995, he took on the role of chairman at insurance brokerage Lownes Lambertin, previously part of Hill Samuel.

Personal life

Clark resided for nearly five decades in Surrey at a residence designed by Edwin Lutyens, once owned by renowned horticulturist Gertrude Jekyll, which he described as "the best investment I ever made." An avid antiquarian, he amassed a collection of rare books and meticulously recorded each one he read. From 1983 to 1987, he held a directorship at the English National Opera, maintained passions for both sports and opera, and collected over 300 teddy bears, including one named Falla. He also served as vice-chairman for the Salisbury Cathedral spire fundraising campaign and kept in touch with Curetti, the Italian partisan who aided him during World War II. Clark passed away on 3 January 2013; according to his son, he was cremated alongside Falla, his cherished teddy bear.