ZURICH (Reuters) – SoftwareOne said on Tuesday that two of its key board members will not stand for re-election next month amid an ongoing power struggle at the Swiss IT services provider.
Timo Ihamuotila, chief financial officer of Swiss engineering group ABB, and lawyer Isabelle Romy will step down from the board of directors at the upcoming annual general meeting on April 18, SoftwareOne said in a statement.
The firm’s three founding shareholders are seeking to vote out the board of directors to pave the way for a takeover.
Daniel von Stockar, Rene Gilli and B.
Curti Holding AG together control 29% of company stock.
The current board, which remains opposed to a takeover, has however, recommended electing “a proportionate number” of their nominees.
These nominees would be von Stockar, Annabella Bassler and Andrea Sieber.
“This recommendation is based on the firm belief that a balanced Board of Directors is in the best interest of all stakeholders,” the company said, adding that continuity would benefit growth, profitability and strategic goals.
(Reporting by Oliver Hirt, Writing by Rachel More)
