The faces to watch in 2003

The past 12 months have seen more than their fair share of corporate casualties as economic downturn, boardroom power struggles and simple old age have taken their toll. In no particular order, Sir Ralph Robins stepped down from Rolls-Royce, Sir Geoffrey Mulcahy retired from Kingfisher and Sir Christopher Gent bade farewell to Vodafone. Others, such as Royal & SunAlliance's Bob Mendelsohn, Prudential's Sir Roger Hurn and BAE Systems's John Weston went with a helping hand from shareholders and fellow directors. But the year also saw some new faces and some re-invigorated ones. Not many entrepreneurs sprang on to the scene for the first time but a few old hands - such as Bhs's Philip Green and Hugh Osmond at Punch - showed they had not lost their touch. Here, we profile a few of the faces to look out for in 2003 - some for good reasons, some for reasons they may care to forget.

BANKING

Jim Spowart had a bumpy start as the head of the internet bank IF. Rivals were quick to brand it "When" due to its delayed launch. But since then the wily Scot has been pulling in the online customers – to such an extent that he is being recalled to the head office of HBOS, owner of IF, to find ways to roll out the business abroad. If that goes well, Mr Spowart will look like a credible successor to another no nonsense northerner, James Crosby, the head of HBOS.

Fred Goodwin, at Royal Bank of Scotland, is still the bankers' banker and this year he will remain the chief executive that everyone else must seek to emulate. Watch out for further corporate action in the US where RBS already has a toehold unless, of course, Mr Goodwin can identify one of his "mercy killings" a little closer to home.

Luqman Arnold, the new chief executive of stricken Abbey National, may be wondering whether he has bitten off more than he can chew as he eats his Christmas dinner. Mr Arnold, a veteran investment banker by trade, has rolled his sleeves up and started to dissect the mess, with large chunks of poorly performing parts of the bank expected to go next year. Even if Abbey cannot be saved as an independent entity, Mr Arnold looks able to do enough to get it in shape for a decently priced sale.

For Matt Barrett, the charismatic chief executive of Barclays, the honeymoon period in charge of the UK's fourth-biggest bank is well and truly over. Mr Barrett may still cut a dash compared with other rather drab banking chiefs, but this year he will need more than smooth talking to persuade investors Barclays can ride the expected tide of mounting bad debts, disappointing profits and lack-lustre growth in the UK.

MEDIA

Lord Currie of Marylebone, the chairman of Ofcom, the new super-regulator for media and telecoms, will be closely watched. Ofcom's strategy and its approach as competition regulator will be particularly important. Lord Currie has made it clear that it's him, and not Ofcom's chief executive, who'll be calling the shots. Top of the list of awkward issues is how the new regulator will tackle would-be monopolists BSkyB and the BBC.

There will be a very steep learning curve for 40-year-old Sly Bailey when she takes the reins at Trinity Mirror in February. It is unlikely that the City will give her more than 12 months to convince them that the shape of the company makes sense and that it has a strategy for growth. Expect friction between her and Trinity's chairman, Sir Victor Blank, and the editor of the Daily Mirror, Piers Morgan.

Major consolidation in the radio sector is likely to kick off this year, under the new media ownership rules. As the biggest player in the sector, key will be moves by David Mansfield, the chief executive of Capital Radio. The pressure will be on to do a big acquisition or merger or risk seeing Capital swallowed up by an American player.

FINANCIAL SERVICES

Mark Wood at Prudential may well be trying to contain a bad case of itchy feet this year. He hasn't tended to stay around in one job for long. Having taken over the running of Pru in the UK last year, he lived up to his "Chopper" reputation by axing the group's Scottish Amicable business. But now the revolution at Pru from Everyman insurer to up-market retirement specialist is well on its way, Chopper may well be casting around for something else to take a swing at. He may be heir apparent to Jonathan Bloomer, the group chief executive, but is he prepared to wait?

Next year will be make or break for John Tiner, who took a massive pay cut to join the Financial Services Authority as managing director of the consumer, investment and insurance directorate. It was believed that he took the drop in salary with an eye on succeeding Sir Howard Davies as the FSA's chief – and Sir Howard is to leave in October. The job will probably be divided into chairman and chief executive, and Mr Tiner is a leading candidate to be chief executive. If he misses out, expect him to move on.

Simon Nixon is that rare animal, someone who is making money out of a dot.com – and a financial one at that. He runs Cheshire-based moneysupermarket.com, which offers comparisons of every type of financial product. The company gets a payment from providers for every transaction that goes through it. So successful is this formula that it arranges more personal loans than Barclays Bank, enabling Mr Nixon and his fellow shareholders to collect an £8m annual dividend.

PHARMAS/BIOTECH

Peter Fellner, currently the chief executive of Celltech, has just taken the helm at British Biotech and promises to kick-start consolidation in the bombed-out biotech sector. British Biotech, the grand-daddy of the UK industry, has plenty of cash to acquire new companies, and Mr Fellner says he has already drawn up a hitlist of UK rivals he wants to talk to.

Tachi Yamada, the chairman of research and development at GlaxoSmithKline, is under pressure to prove the goliath of the UK pharmaceutical industry can get results from its massive laboratory operations. Investors have spent 2002 asking: where are the blockbuster drugs of the future? If there are no answers next year, Mr Yamada has already conceded it may be necessary to unwind the current structure of competitive "centres of excellence" and consider spinning off GSK's research operations altogether.

James Cavanaugh, the chairman of Shire Pharmaceuticals, came to prominence in October after ousting his respected chief executive, Rolf Stahel. Mr Cavanaugh represents the North American majority on the Shire board and appears to have triumphed in a battle over where future acquisitions should be made. UK investors will need to be reassured he has their interests in mind, too, and there are disputes to come over the composition of the board. His appointment of a new chief executive, due in the spring, will be critical.

RETAIL

The former chief executive of Selfridges, Vittorio Radice, has just been named the new head of Marks & Spencer's home furnishings division. The flamboyant Italian is charged with developing standalone furnishings stores for the retailer. He could even be a longer-term candidate for the chief executive position.

After leaving Arcadia with £25m from share option money, Stuart Rose, a talented retailer is ready for his next job. Could he be the next chief executive of Boots, the strategically challenged health & beauty retailer?

Tom Hunter, the entrepreneur behind Sports Division, is one of the newer names on the block but he has already made his presence felt at the two department store groups House of Fraser and Allders. Mr Hunter has made an indicative offer for the former and is now stalking the latter with the aim of bringing the two retail chains together as one.

LEISURE

Stelios Haji-Ioannu, the Greek-Cypriot easyGroup entrepreneur may have left the cockpit at easyJet, but he is unlikely to take a back seat. In addition to the imminent launch of an easyCinema (based on the same pricing system as the low-cost airline) he is mulling over an easyMinibus service that links towns the planes can't fly to; an easyFitness club chain; an easyCruise company; and easyDorm, a chain of budget hotels.

Can Peter McHugh, the former PanAm executive book a return ticket to pull the troubled tour operator MyTravel back from the brink? He will have to get a better grip on the group's management of City expectations as well as selling holidays. He will need to overhaul the group's debt by the summer or this company could be in for a second crash landing.

TELECOMS

After the surprise announcement of Sir Christopher Gent's retirement at Vodafone, investors will be waiting with baited breath to see what his successor, Arun Sarin, has in store. Mr Sarin steps up as chief executive designate on 1 April and officially takes over from Sir Christopher after the group's AGM on 30 July.

The top job is also up for grabs at Orange so expect to see the battle for the chief executive slot there intensify. The names in the frame currently are Graham Howe, Orange's deputy chief executive and chief operating officer, and Didier Quillot, the head of Orange's French business.

Elsewhere in the telecoms sector, all eyes will be on Graham Wallace to see how long he will hold on to his position as the chief executive of Cable & Wireless. After presiding over four profit warnings and the recent revelation of a potential £1.5bn tax liability, the assumption is: not long

TRANSPORT/AVIATION

Following Stelios' decision to depart the cockpit at easyJet, expect to see and hear more of Ray Webster, the chief executive and the man whose patented demand management system is the real reason for the runaway success of the no-frills carrier. It is also time for the talented Barbara Cassani to make her re-entry into corporate life after Go was sold from underneath her to Mr Webster.

In the transport sector, the man to look out for is Moir Lockhead, the rather fearsome north-easterner who runs the bus and train operator First Group. Unlike some of his counterparts, he has emerged from the wreckage of the UK rail industry in reasonable shape and has avoided stubbing his toe in America. This is the year for consolidation among the rail operators and Mr Lockhead may just be the man for the moment.