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Host Europe boardroom bust-up resolved
Hugs and kisses all round
A boardroom bust-up that went sour at Web hosting outfit - Host Europe - appears to have been settled.
Last month a number of directors at the company issued a Stock Exchange statement alleging that chief exec Abby Hardoon Adulayavichit, had "displayed a lack of leadership skills, consistently poor management decision-making and improper behaviour at work.
"His lack of contribution to Host Europe's turnover or profitability is an indication that, in the Board's opinion, Mr Hardoon is significantly out of his depth in his position," they said.
They also mentioned that Mr Hardoon had been having an extra-marital affair with his secretary, and that he'd shown given her "favourable remuneration and benefits".
The public criticism followed an earlier bid by Mr Hardoon to try and kick out the entire board, other than himself.
The whole matter was due to come to a head at the end of last week at an EGM.
However, in a statement the company announced that an "amicable arrangement has been reached" by which all the board had resigned with the exception of Mr Hardoon.
It added: "The Board wishes it to be recognised that Mr Hardoon has had an influence on the performance of the Company which the Board considers to be of value.
In the joint statement both sides of the dispute also added that they regret that an "amicable settlement between the parties was not reached prior to the dispatch by the Company of the notice convening the Extraordinary General Meeting, and regret any distress caused to any party through attention from the press." So that's that then. ®
Host Europe in Boardroom bust-up