International IT and cloud services provider SoftwareOne is facing a leadership battle started by its founding shareholders.
Daniel von Stockar, René Gilli and B. Curti Holding AG, said today they want to replace the board of the Switzerland-headquartered firm. They are angered at the failure of taking the company private and de-listing from the Swiss stock exchange, after an acquisition approach by Bain Capital of the US last year.
The three currently hold a combined 29% of the firm’s stock, and have called on the SoftwareOne board to hold an extraordinary general meeting to discuss their board replacement proposal.
The founding shareholders pushed the Bain deal, but the board rejected it, and, after a later review, the board said it wanted SoftwareOne to remain independent. The company is set to hold a capital markets day in Zurich on 15 February, 2024.
In response to the trio’s call, SoftwareOne said: “The board of directors received a formal proposal for an extraordinary general assembly from the shareholder group of Daniel von Stockar, B. Curti Holding AG, and René Gilli, together holding approximately 29% of the company’s share capital.
“The group requires the full replacement of the board of directors with the exception of Daniel von Stockar.
“The board will consider the proposal and provide a response and inform in due course.”
The share price is currently around 8% higher since the board battle became public.