Stephen Bird, Headlam non-executive chairman has survived a major shareholder rebellion against his re-appointment.
Bird secured just 56.66% of votes at today’s AGM for his re-election, increasing pressure on him to resign ahead of a general meeting on 2 June.
The general meeting – to be held at its Coleshill head office which it is considering selling and leasing back to raise funds to improve its balance sheet – was called for by 11% shareholder First Seagull. The investment fund wants to replace Bird, and two other non-executive directors, accusing the board of overseeing a massive loss of shareholder value, lacking the skills to turnaround the fortune of the flooring distributor and Bird having failed as chairman.
It has also said Bird was overpaid for his interim-executive chairman role.
Non-executive directors Jemima Bird and Karen Hubbard, were re-elected at the AGM with 66.3% of the votes: well below that traditionally expected of incumbent non-executive directors.
In contrast, new non-executive directors Nick Kelsall and Wilf Walsh received 91.34% of votes and Rob Barclay, ceo and Richard Jones, finance director 95.3% of votes.
Ahead of the AGM, the group revealed a 21% drop in sales. On 5 May First Seagull had called for a trading statement.
