// Topps Tiles has vowed to stand by its chairman Darren Shapland, despite 22% of shareholders voting against his re-election at its AGM earlier this year
// The tiles specialist it had engaged with shareholders but decided that Shapland’s contribution is “important to the company’s long-term sustainable success”
Topps Tiles has vowed to stick with its chairman Darren Shapland, despite a shareholder revolt against his re-election.
Only 78% of shareholder votes were cast for him to continue as a director at Topps Tiles’ AGM in January.
The tiles specialist said that it had engaged with shareholders who had opposed Shapland’s re-appointment “to understand and discuss their views”, however, it has opted to stick with him as chairman.
READ MORE: Topps Tiles acquires 60% stake in tiling supplier Pro Tiler
Topps Tiles said: “Whilst the board fully respects and acknowledges that a shareholder may choose to vote against specific resolutions, the board considers all the resolutions proposed and subsequently passed to be in the best interests of all shareholders.
“It considers that Darren Shapland continues to discharge his role as chairman effectively and that his contribution is important to the company’s long-term sustainable success.”
Shapland, who was formerly chief financial officer at Sainsbury’s and chief executive at Carpetright, has sat on Topps Tiles board since 2015.
Topps Tiles achieved record first half turnover of £119 million in the six months to 2 April as profits jumped 40% to £5.6 million.
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