Speedy Hire chairman survives vote to oust him

Aaron Morby 2 years ago
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Speedy Hire’s chairman has survived an attempt to oust him by the firm’s biggest shareholder.

Speedy

Jan Astrand (left) remains as executive chairman, while turnaround specialist David Shearer joins board as non-executive director

The firm had been embroiled in a bitter war of words with hedge fund Toscafund over Jan Astrand’s position as executive chairman.

The hedge fund wanted to replace Astrand on the board with David Shearer, a turnaround specialist and the former chairman of house builder Crest Nicholson and consultant Mouchel.

At a special general meeting on Friday only 37% of investors who voted supported Toscafund’s call to remove Astrand, meaning he will stay in place.

But shareholders voted in favour of appointing former Shearer to the boardroom as a non-executive director granting Toscafund half its wish.

A statement from Speedy Hire after the meeting said: “The Board is pleased that shareholders strongly support ‘s position as chairman and welcome David Shearer as a director.

Toscafund said in a statement that it welcomed the decision to appoint Shearer.

“Shareholders have sent a clear message that they require an improvement in Speedy Hire’s corporate governance. David Shearer will provide Speedy Hire with the necessary independent non-executive experience to help guide the company’s turnaround and rebuild shareholder value.

“Toscafund plans to remain a fully engaged shareholder in Speedy Hire, and looks forward to working with a revitalised board in order to rebuild the company’s fortunes and help it to realise its full potential,” said a spokesman.

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