Boardroom Battle: CFO Of ABB And Legal Expert Depart From SoftwareONE's Board Amid Reshuffle

SoftwareONE Holding AG SWONF stated that Timo Ihamuotila, chief financial officer of Swiss engineering group ABB Ltd ABBNY, and lawyer Isabelle Romy will step down from its board of directors at the upcoming annual general meeting on April 18.

Neither of the board members will stand for re-election next month as it pitched a compromise in a power struggle with the Swiss IT services provider’s founding shareholders, as per Reuters.

Regarding the Board of Directors, SoftwareONE says that the request from the company’s 29%-block shareholders to replace the current Board of Directors, except for Daniel von Stockar, will be voted on.

The Board of Directors rejects such a proposal as it is considered detrimental to SoftwareOne. However, the current board has recommended electing “a proportionate number” of the 29%-block shareholders’ nominees. 

Also, the Board of Directors recommends that the shareholders re-elect Daniel von Stockar and elect Annabella Bassler and Andrea Sieber as representatives of the 29%-block shareholders to the Board of Directors.

SoftwareONE said that the recommendation is based on the company’s belief that a balanced Board of Directors is in the best interest of all stakeholders as it would provide continuity to allow the management to stay focused on meeting its growth, profitability and other strategic objectives.

Price Action: ABBNY shares are down 1.45% at $46.83 on the last check Tuesday.

Photo: Lukas from Pixabay.