Shareholders of the UK furniture and fabrics retailer, Laura Ashley, have rebelled against the company’s non-executive deputy chairman.
David Walton Masters, who has been with Laura Ashley since 1998 and was previously a managing partner at Phillips Drew, was recently re-elected to the company’s board by investors, Macroaxis noted.
About 46 percent of independent shareholders voted against him, and now those independent investors seem to want a change and are turning against the 70-year-old, the Telegraph reported.
Laura Ashley has not confirmed or denied the report.
The retailer had struggled to stay afloat for decades until a group run by Malaysian business tycoon Khoo Kay Peng stabilized and increased its sales. He currently controls around 45 percent of the company’s holdings.
Laura Ashley sells a variety of home furnishings as well as clothing and accessories for men, women and children.