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

Woman cuddles 'sly-looking' Fennec fox. Photo by Shutterstock
Cartoon of employee asking wky boss makes hium wear suspenders (while pincer through open trapdoor remains poised above his head) illustration by Cartoon resource for Shutterstock

Frank Jennings

It's not like my boss painstakingly nurtured the contacts, right?

Features

Girl and computer, photo via Shutterstock
Middle-class terror of engineering also part of problem
Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world