Home > Latest News > Shriro Directors Bristle At EGM Chaos

Shriro Directors Bristle At EGM Chaos

Consumer appliances supplier Shriro has cycled through three chairmen in the last six months, and now shareholders are trying to move the board pieces around even more.

Former SurfStitch director Abigail Cheadle joined the board in March, replacing Cornelia Meyer. Meyer later quit as a company director, and was replaced by Brian Bunker. That same month, Lisa Jones quit as company secretary, replaced by Shane Booth.

Bunker is Director of D2A Holdings, who holds 19.8 per cent of the company. He backed a move by Ariadne executive director Gary Weiss, who called for an extraordinary general meeting in order to replace yet another director, Kim Slater, with Ariadne’s preferred nominee, John Murphy.

In a Wednesday afternoon notice to the ASX, the Shriro board unanimously recommended voting for the election of Murphy, yet a majority of the board also voted against removing Slater.

Slater has already indicated his intention to resign as a director of the company, subject to the selection and appointment of a replacement independent director. But both Weiss and Bunker want him gone sooner.

“A majority of the Board considers that it would not be appropriate for Mr Slater to retire from the Board before a replacement has been found, as this would leave the Board with only one independent director,” the filing reads.

“This would fall short of accepted corporate governance standards.”

The EGM is set to be held on June 14.

 



You may also like
Shriro Awash In Controversy As Chairman Quits
Shriro Profits Crash 35.4% As Revenues Slump In Oz 19%
Hack Attack Takes Down Distributor For Three Weeks
Shriro To Lose 10% Of Revenue As Blanco Goes Direct
BREAKING NEWS: Shriro Hacked Feds Cyber Security Called In