A well-known FTSE chairman has received criticism from investors after three companies that he currently chairs have fallen into trouble.
Carpetright senior independent director and chairman of Cote and Northgate Andrew Page has been labelled a “hindrance” by Northgate investor Crystal Amber as the company’s share price has failed to recover after a series of profit warnings.
Cote has not fared much better, either, as it yesterday revealed it might have to make a wave of closures across its Limeyard and Jackson & Rye brands, while Carpetright closed 92 outlets last month to stave off administration.
Furthermore, a major institutional shareholder in Northgate has said that it has “zero confidence” in the company’s management, including Page.
Page was the CEO of Frankie & Benny’s owner The Restaurant Group between 2002 and 2014 and, once he had left, the group revealed that it had paid dividends from 2006 to 2017 which were in breach of the Companies Act. The Restaurant Group is now working to resolve this “technical matter”.
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