RegulationCorporate GovernanceHagen the target of Western Capital’s ire

Hagen the target of Western Capital's ire

Shareholders non-too impressed with former ICAEW president Martin Hagen for Swallowfield board changes

IT SEEMS THAT former ICAEW prez Martin Hagen won’t be winning any popularity contests at Western Selection any time soon.

The newly-appointed deputy chairman of Swallowfield has managed to really irritate Western, a major shareholder of the business.

Western, which owns 16.53% of Swallowfield, issued a statement to the stock exchange today that sets out in no uncertain terms that Hagen has questions to answer around recent board changes.

Hagen served as Swallowfield chairman for several months to January 2012, and has stepped down to deputy – replaced by Stephen Boyd. However, independent director Roger McDowell has left as part of the board reshuffle.

Western Capital wants to know why McDowell has gone, apparently on Hagen’s watch.

“His dismissal, with all the semiotics implied in the phraseology of the release, has perplexed Western and other observers of the market,” stated Western Capital.

“In view of the similar departure of Mr Patrick Gaynor, another independent minded, capable and knowledgeable director, from the board of Swallowfield in the recent past, Western will be making formal enquiries to Dr Hagen of why Mr McDowell was dismissed without apparent cause, and will keep the market fully appraised of its findings.”

TS would like to be a fly on the wall when that conversation takes place. Although bearing in mind Western has said it will tell the market about its findings, perhaps TS won’t need to use too much imagination.

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