Hazlitt favoured to replace GCap's Bernard

Leading shareholders want GCap MD Fru Hazlitt to replace outgoing chief executive Ralph Bernard, it has been reported.

Institutional investors owning at least 15 per cent of the group will make the recommendation next week in a meeting with directors.

According to business reports they consider GCap already too "top heavy" to appoint from outside. Other internal candidates include operations director Steve Orchard and finance director Wendy Pallot.

Possible outsiders under consideration include RadioCentre chief executive Andrew Harrison, Emap radio managing director Dee Ford and Guardian Media Group's John Myers.

City analysts Numis Securities said they prefer an external candidate because of a controversial statement Hazlitt made at a recent industry conference.

She commented about a Welsh newspaper story criticising the London 2012 Olympics: "Who cares what the f***ing Welsh think?"

Paul Richards, a Numis analyst, explained: "We believe the leading internal candidate is Fru Hazlitt, though we have detected a mixed reaction within the City and industry which will not have been aided by her recent comments at the RAB Autumn Conference. We strongly favour an external candidate who can undertake an overhaul of every aspect of GCap."