Can’t tell yet if this is related to the Millenius announcement yesterday, but BusinessWeek has just run a Bloomberg story that claims that a grouping of shareholders is calling for JF Ott to be removed as CEO of Orco, along with the rest of the board.
Luxembourg-based Orco has 30 days to hold the meeting, said Jean-Pierre Mattei, representing shareholders who control more than 10 percent of voting rights. He called for other holders to join in the effort to shake up the company’s management, according to an e-mailed statement released today in Prague…
“We have lost confidence in the chairman and CEO,” Mattei, a former president of the Paris Commercial Court, said in the statement. “After a full year under French ‘safeguard’ court protection, he has failed to cut down the debt burden that has been paralyzing the company and ruins any hope of a rebound for Orco.”
Update: Reuters is reporting the shareholders group would put forward Mattei’s name to take Ott’s place. It’s being reported that the proposed new board members would include Jean-Pierre Mattei, Anne-Marie de Chalambert, Jean Coeroli, Emile Ferenczy, Jean Van Den Esch a Patrick Aubart.
PropertyEU has a longer quote from Mattei, which includes: ‘The new board’s top priority will be to slash the consolidated debt by at least 25%, the company’s survival depends on it. The company needs breathing space in order to invest and grow, on the basis of a healthy, profitable and sustainable business model.”