Hargreaves Lansdown

Comptoir Group reacts angrily to founder's threat to vote against chairman's re-election

Tue 28 June 2022 19:56 | A A A

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(Sharecast News) - The board of Comptoir Group reacted angrily to the request from its founder for the restaurant chain's chairman and chief executive officer to resign.

In a letter sent to the company, Tony Kitous, who holds a 47.6% stake in the company, said that if neither the chairman, Richard Kleiner, or the CEO, Chaker Hanna, did not step down, then he would vote against the former's re-election at Comptoir's annual general meeting on 30 June.

Kitous had also voted against directors being given the authority to allot shares in Comptoir and had proposed appointing a new non-executice chair and non-executive director, the company said.

"The Independent Directors believe the comments and proposals by Mr Kitous within his Letter are being made to promote his own financial gain and the actions proposed are to the detriment of all independent shareholders," Comptoir added in a statement.

The independent directors further alleged that throughout 2022 Kitous had offered "limited input" into the day-to-day operational and financial decisions of the company.

"Further, while the Company has employed Mr Kitous as a director of the Company since its IPO, the Independent Directors believe Mr Kitous, without the guidance of the Independent Directors, does not possess the required business and commercial judgement to successfully run, nor to appoint nominee directors to run, the Company."

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