And then there was one … Billy Allan, non-executive chairman of BowLeven PLC (LON:BLVN), has walked the plank after last week’s board room carnage.
After shareholders voted to oust chief executive Kevin Hart, finance director Kerry Crawford, and three non-executive directors, only Allan and chief operating officer David Clarkson remained from the “old” BowLeven board.
Now only Clarkson remains, as Allan has picked up his ball and is taking it home.
Clarkson will have Christopher Ashworth and Eli Chahin for company in the board room; both were nominees of activist shareholder Crown Ocean Capital, which called the meeting at which the directors were pitched overboard.
Ashworth is taking over as chairman with immediate effect, and presumably will oversee the previously announced strategic review.
The board – what’s left of it - confirmed that the employment contracts of both former executive directors Kevin Hart and Kerry Crawford have been terminated with effect from 31 March 2017, and both are no longer involved in the running of the company.
“Given the broader reconstitution of the board following recent shareholder activism, Mr Allan’s position had not appeared particularly tenable to us, and we are therefore unsurprised by today’s news,” said Shore Capital, which rates BowLeven’s shares a ‘hold’.
Shares in BowLeven were up 4.1% at 36.19p.