Rebel shareholders have moved to oust Telit Communications Plc (LON:TCM) chief executive, Yosi Fait, and fellow director Simon Duffy.
A group of shareholders, led by Davide Serra, who hold more than 5% of the company’s shares have written to the Telit board, demanding that a general meeting is held for investors to vote on the pair’s fate.
READ: Telit expects to maintain double-digit revenue growth in 2018
As well as proposing to remove Fait and Duffy, the rebel group have proposed the appointment of four new directors; Suvi Linden, Jonny Bourne, Anders Torstensson and Adam Power.
“The board is mindful that pursuant to section 304 of the Companies Act 2006, the group must post a notice of a general meeting within 21 days from the date on which a valid requisition is received and this meeting must be held on a date not more than 28 days after the date of the notice convening the meeting.”
Shares were down 1.2% to 152.1p in mid-morning trading.