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Carphone Warehouse co-founder quits

David Ross used shares to secure personal loans

The co-founder of The Carphone Warehouse has quit following concerns over the use of his shares in the company.

Director David Ross held 19.4 percent of the company's shares. He used 136 million of his 177 million shares to secure personal loans without consulting anyone else at The Carphone Warehouse.

Ross, who is also chairman of the National Express Group and a director at Big Yellow Group, a storage company, admitted he used his shares in these companies in the same way. However, Ross stressed that he did not intend to sell the shares and none of the loans had defaulted.

Carphone Warehouse chief executive and co-founder Charles Dunstone described the incident as "probably an oversight or a misunderstanding of what needed to be done".

Ross also sits on the London 2012 organising committee to ensure the Olympic Games does not go over budget.

See also: Carphone Warehouse adds software to broadband deals

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