There’s already a lot going on at the board level at XXL this week, with the company holding its annual general meeting on June 6.
The drama surrounding XXL continues. After a long winter struggle for profitability, it became clear last week that Frasers Group would be the new majority owner of the company, with 95 percent of the votes. This comes after the major shareholder, Altor, accepted Frasers’ bid. But this is nothing for Frasers Group to celebrate.
“Over the past 18 months, Frasers has offered support to help XXL address its challenges, but this has been rejected. This is a situation that Frasers believes could have been avoided. In the meantime, XXL has not been able to implement its proposed turnaround plan, and the company’s financial and commercial situation has continued to deteriorate,” Frasers said in a stock exchange announcement published on May 28.
There’s already a lot going on at the board level this week, with XXL holding its annual general meeting on June 6.
During the meeting, the company’s nomination committee will propose that the entire board of five members, led by Chairman Håkan Lundstedt, be replaced. The nomination committee also proposes an additional fee to reflect the extraordinary work the board has done over the past year, which included more than ten extra board meetings.
The nomination committee is proposing that the Norwegian trio of Jon Gausen, Ole Henrik Skirstad and Karina Wigum be appointed to the new board.
