July 6, 2018 / 3:38 PM / 13 days ago

Mears chairman Bob Holt to step down following shareholder pressure

July 6 (Reuters) - Mears Group said chairman Bob Holt would not stand for re-election at the company's 2019 annual general meeting, two days after a shareholder called for his removal.

The social housing and care company said it had received a notice to requisition a general meeting, with proposals to remove Holt from its board and appoint an alternative candidate as non-executive director.

"We are determined that all Board appointments should follow a proper due process and not be imposed on us by a single shareholder," chief executive David Miles said in a statement.

Frankfurt-based activist investor Shareholder Value Management (SVM), which owns 8.93 percent of Mears, on Wednesday called for Holt's removal due to Mears' underperformance. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Jan Harvey)

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