December 19, 2018 / 8:12 AM / in 4 months

Mears replaces chair after investor threat

(Reuters) - Mears Group (MERG.L) named a new chairman on Wednesday, days after a top investor threatened to call a fresh shareholder vote if the British social housing provider failed to replace current chair Bob Holt.

Mears said Kieran Murphy, an executive who has spent much of his career in advisory roles for financial firms, would take over from Holt early next year.

Germany-based Shareholder Value Management (SVM), Mears’ third biggest investor, has been calling on the social housing maintenance and repair services provider to replace Holt, citing Mears’ financial underperformance. Its shares are down nearly 25 percent this year.

Mears had earlier promised to appoint a new chair before end-October.

Reporting by Pushkala Aripaka in Bengaluru

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