Directors Go In Cordiant Shareholder Vote

After approving the takeover by WPP earlier today, Cordiant Communications’ shareholders have also voted in favour of removing the company’s chief executive, finance director and chairman from its board of directors, according to a report from Reuters.

Cordiant’s largest shareholder, Active Value, had called for the directors to be replaced and was threatening to take legal action if shareholders had voted against the proposal this afternoon.

Reuters reports Cordiant as saying that CEO David Hearn and finance director Andy Boland have both left the board, but will remain in their executive roles. Chairman Nigel Stapleton has also left the board, and will be replaced on an interim basis by board member Rolf Stomberg.

WPP’s takeover of Cordiant will take affect on 1 August.

Subscribers to MediaTel Insight can access more national and international media analysis, forecasts and news by visiting the site.