Speedy Hire Chairman Survives Vote to Oust Him

Jan Åstrand, the executive chairman of Speedy Hire, will remain in his role despite efforts to replace him by Toscafund, the tool hire company’s largest shareholder. Mr Åstrand survived a vote to replace him at a general meeting on Friday following weeks of tit-for-tat between the company and Toscafund, which wanted to oust the chairman over poor performance and alleged governance failings. The hedge fund wanted to replace Mr Åstrand on the board with David Shearer, a turnaround specialist. Toscafund may not have got its wish regarding the chairman but Mr Shearer, a former chairman of Mouchel, will join Speedy Hire’s board as a non-executive director. More than 63 per cent of voting shareholders cast their ballots against a resolution to remove Mr Åstrand at the general meeting. Speedy Hire’s board said it is “pleased that shareholders strongly support Jan Åstrand’s position as chairman and welcome David Shearer as a director”.