Rebel investors oust Lewis at Patientline
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The hospital services group had been fighting a rearguard action to protect Mr Lewis for several months in the face of growing investor disquiet.
Last night it said it had made plans "for an orderly succession following the planned retirement of Derek Lewis" - a version of events that not everyone in the City accepted.
Shore Capital, the boutique investment bank that has led the charge against Mr Lewis, said in a statement: "The decision to remove Mr Lewis would appear to have been supported by a large majority of Patientline shareholders." It had called for an extraordinary meeting, scheduled for tomorrow, when it was to demand that Mr Lewis step down and James Barclay Douglas be appointed chairman.
Patientline said Geoff White will bechairman, with Mr Barclay Douglas joining the board. Mr Lewis will remain at the company as president.
Adam Teeger, a Shore Capital director, said Mr Lewis had presided over a huge destruction in shareholder value. "We wanted them to do this four months ago," he said.
Patientline, which provides television and telephone services for hospital patients, has now avoided the necessity of staging a controversial extraordinary meeting. Mair Barnes, a non-executive director at Patientline, said: "We trust that today's announcement will put a swift end to the distracting events of the past few months."
The shares fell 1 per cent to 23p, valuing the company at £21m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments