British speech recognition technology firm Eckoh is locked in a battle for boardroom control from its largest shareholder.
FT.com reports that 12 percent shareholder OCS Management has criticised executives’ performance and called for a new chairman to be appointed, while Eckoh execs are reportedly urging shareholders to resist its bid for more control and to back their own preferred candidate for the chairman position. Founder and CEO Nik Philpott ominously says he won’t “preside over the company’s death”.
Current chairman Peter Reynolds, who is stepping down at the end of the year, is expected to write to shareholders to drum up support—so far shareholders have been split in their allegiance. According to Reynolds, in initial meetings “OCS…stated that they saw little value in Eckoh’s Speech business but did see uses for the cash held by the company.”
James Golightly, executive director of OCS’ parent company ORA Capital Partners, says the plans is simply to “put a stronger board in place”. Expect fireworks at the company’s shareholder meeting on September 4.