Quarto on the attack over activist's move to oust founder
Wednesday 31 October 2012
The publisher Quarto has attacked the activist investor that wants to oust its founder Laurence Orbach, warning the row was a distraction when the merger between book giants Penguin and Random House was throwing up opportunities across the industry.
Quarto said Harwood Capital, which represents about 19 per cent of the publisher's shares, was acting "against the interests of Quarto and its shareholders as a whole" in its attempt to replace Mr Orbach with Tim Chadwick, in a vote on 7 November.
"Chadwick, 66, has a limited and poor record of running publishing businesses and has not been involved in the industry for approximately 15 years," Quarto's board said.
Quarto pointed out Mr Orbach, its chairman and chief executive, has already agreed to give up the CEO's role in favour of the chief operating officer Marcus Leaver, 41, who joined from Barnes & Noble in March.
- 1 James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns aged 27
- 3 Cilla Black defends Cliff Richard: 'I am positive that the allegations are without foundation'
- 4 Nicki Minaj finally releases predictable 'Anaconda' video
- 5 James Foley 'beheading': Met police warn public watching murder video could be criminal offence
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again. It would be immoral to bring it into the world'
Scottish Independence Referendum: Salmond described as 'arrogant, ambitious and dishonest' by Scottish women
iJobs Money & Business
£45000 per annum: Harrington Starr: Quantitative Analyst (Financial Services, ...
Negotiable: Harrington Starr: Application Support Engineer (C++, .NET, VB, Per...
£450 - £600 per day: Harrington Starr: AIFMD Business Analyst / Consultant - I...
£450 - £600 per day: Harrington Starr: Business Analyst Solvency II SME (Pilla...