Toscafund has failed its attempt to oust Speedy Hire’s (LON:SDY) executive chairman Jan Astrand but did get its suggested replacement elected as a director at the plant hire firm.
The hedge fund had proposed corporate turnaround specialist David Shearer as new chairman but though he was elected to the board shareholders also voted 63% in favour of retaining Astrand.
Toscafund has been calling for changes to the board at Speedy Hire since July.
In a statement, Speedy Hire said it was pleased that shareholders strongly supported Jan Åstrand's position as chairman while also welcoming David Shearer as a director.
Toscafund is the hire group's largest shareholder with a 19.5% stake and been invested in the company since 2013.
Sources attributed to the company before the general meeting said it would see getting Shearer elected to the board as a vote of no confidence in the existing directors.
Speedy Hire has issued a string of profit warnings recently blamed on the slowing demand for construction equipment.
Shares eased 1% today to 36p and are down 14% year to date.