Speedy Hire Plc said its Executive Chairman Jan Astrand would continue in the role, after shareholders voted against a resolution by its largest stakeholder to oust him.
Toscafund Asset Management LLP, which owns a 19.44 percent stake in Speedy, called for Astrand’s removal last month, saying he was “indecisive as a business leader” and that he had failed to consult with shareholders about key board appointments.
Industrial tools and equipment rental company Speedy Hire also said in a statement on Friday that its shareholders had voted to appoint David Shearer as a director of the company.
Toscafund, which had pushed for Shearer’s appointment to the board, said it welcomed the decision to name him as an independent director.
The vote to appoint Shearer was a clear message to the board that the company had to improve its corporate governance, the fund said, adding that it intended to remain a fully engaged shareholder.
Shearer was the chairman of infrastructure company Mouchel Group Plc between 2012 and 2014 and played a big role in its turnaround.