Shareholder and co bid to oust Worthington Nicholls’ board
THE BOARD of air-conditioning installer Worthington Nicholls faces being removed from power by shareholder Simon Beart and two others, according to a report by the Manchester Evening News.
Worthington Nicholl's acting chief executive Alaistair Stoddart, directors Christopher Neilson, David Levis and non-executive director Stephen Mulligan face being culled and replaced by Simon and businessmen Rodney Mann and William Good, according to the paper.
Last week (October 15) Mark Worthington stepped down as CEO at Worthington Nicholls and it was Alaistair Stoddart who has taken up his post until a 'more suitable' permanent candidate is found.
Mark Worthington stepped down on the day the firm's board of directors announced it expects to write off 6.5m from the group's net assets. The group's troubles, made worse by a summer of contract delays, led to a review of the company's accounting practices by KPMG.