And even then, at the age of 70, he refused to completely leave, insisting on staying on the board as life president.
He became the group's life president when he retired in 1982.
"We've already had a life president, and we don't want this scenario repeated."
After stepping down as chairman in 1984, he became honorary life president.
He gave up this role again in May 1982 and was made life president of the organisation.
He is also life president and former chairman of Newcastle United.
He now has the position of life president at the club following resigning as chairman in 2006 due to ongoing health problems and over.
After serving as non-executive chairman from 1998 to 2005, he became his company's life president.
He now holds the position of honorary life president at the club.
He was elected life president of the group in 1990.
