Carphone co-founder quits

David Ross, who co-founded The Carphone Warehouse, has resigned after admitting that he'd used his shares to guarantee personal loans. Although none of the loans are in default and Mr Ross doesn't currently plan to sell any of the shares, he has broken stock exchange rules by not admitting his actions. Mr Ross owns almost 20% of the company's shares. [Sources: Press release; Telegraph.co.uk; ManagementToday.co.uk]