Investors take the helm at Spicers
Spicers has appointed Jonathan Trollip as its new chairman, as investors now take up five of the six positions on the paper merchant’s Board of Directors.
Trollip, non-executive independent chairman of the Global Value Fund investment company, was appointed chairman of the new Spicers Board following Wednesday’s extraordinary general meeting, in which shareholders rejected the previous board’s recommendations and elected six new directors.
Following the appointment, Spicers issued a statement to the ASX saying: The Board of Directors of Spicers Limited (ASX: SRS) is pleased to announce that Jonathan Trollip has been elected Chairman of the Company. This follows the election and confirmation of new directors and the retirement of outgoing non-executive directors, as announced to the ASX on 6 September 2017.
Trollip joins Vlad Artamonov and Todd Plutsky of New York-based Coastal Capital; Nigel Burgess of Samuel Terry Asset Management; professional investor Gabriel Berger; and former Spicers CEO Andrew Preece as directors. Jonathan is a globally experienced independent director with over 30 years commercial, corporate, governance and legal and transactional expertise, advised documents given to shareholders prior to the EGM.
Andrew Preece, who stepped down as CEO last March, is now the only member of the Board who is not a professional investor.
Spicers shareholders voted on Wednesday to elect the new Board despite the urging of the outgoing directors, who supported candidates Malcolm McComas and David Stillman. The shareholders also ousted Wayne Johnston, chief financial officer, contrary to the outgoing Board’s recommendations.
Spicers’ share price has held steady at 3.4 cents since the meeting.