The Channel logo

News

By | John Oates 17th April 2007 11:37

Clarity shareholders call for boss's head

Want new boss and finance director

Clarity Commerce Solutions has vowed to fight rebel shareholders calling for changes to senior management.

A former chairman of the company and individuals representing 13 per cent of Clarity's share capital are calling for an extraordinary meeting to remove current chief executive Graham York.

Earlier this month Clarity warned that it would fail to meet market expectations because of "slippage of a number of contracts".

Shareholders have also complained over Graham York's use of a private plane, according to Reuters.

In a statement to the London Stock Exchange, Clarity said: "The board believes the management changes proposed will damage shareholder value by adversely impacting relationships with both existing and potential clients, especially given the high level of customer interest reported in the trading update of 2 April 2007."

The statement says the management team remains confident about Clarity's medium and long-term prospects and will update shareholders in due course.

It is believed directors are meeting now to decide what to do.

Clarity shares are down slightly on the news.

Clarity makes enterprise resource planning software for 1,200 cinemas and 1,500 pubs, bars and restaurants in 20 countries. Clients include Greene King, Odeon, TKMaxx and YO! Sushi. ®

alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers