Kennedy fights on at Bglobal

BGLOBAL’S executive chairman Peter Kennedy, has told shareholders in the strife-ridden Darwen company that he will move to a non-executive role if they oust current CEO Tim Jackson-Smith.

In a letter to investors Mr Kennedy has asked them, ahead of a meeting next week, not to force him out.

He said that if he survives the vote next week and is given a mandate to continue to play a role in the business, Mr Jackson-Smith, a former corporate lawyer, would be removed “because a number of the management team are clearly at odds with the board and order needs to be restored”.

Mr Jackson-Smith and two non-executives, James Newman and Steven Fawkes, have backed a move by shareholder Hawkwood Capital, to remove Mr Kennedy at the meeting in a week’s time.

Hawkwood, which holds 9.7% of the shares, believes the company has underperformed and lacks direction. It wants to appoint a new chairman to carry out a review of the business, which Mr Kennedy argues will lead to a “fire-sale”.

Mr Kennedy also proposes that the board appoints Nick Kennedy as interim chief executive, and to appoint new independent non-executive chairman, with him moving to a non-executive director role.