18th Apr 2016 11:25
LONDON (Alliance News) - Stock Spirits Group PLC on Monday said Chief Executive Chris Heath will step down with immediate effect and take early retirement.
Heath's departure comes ahead of the company's annual general meeting, due to take place on May 23, at which shareholders were due to vote on the his removal.
Heath will be replaced on an interim basis by Miroslaw Stachowicz, an independent non-executive director on the company's board since November 2015. Stachowicz is the non-executive vice-chairman of Harper Hygienics SA, a Polish hygiene products company.
Western Gate Investments, the largest shareholder in Stock Spirits with a 9.7% stake, had called for Heath to be removed from his role after raising a number of concerns, including the loss of market share the company has suffered in Poland.
Last week, Stock Spirits took steps to try and ease some of those concerns by appointing Marek Sypek as the new managing director of its Polish business.
Later in the day, Western Gate welcomed Heath's decision to retire, saying it believes a "different skill-set is necessary to turnaround the Polish business and regain the company's market leading position in country".
Western Gate said the next CEO of Stock Spirits must be based in Poland, arguing the turnaround the company's business in the country "cannot be done by "remote control" from Buckinghamshire."
Western Gate said it will be proposing two non-executive directors at the company's upcoming annual general meeting.
Shares in Stock Spirits were up 1.0% to 154.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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