80 not out: Renishaw bosses face down rebels
The octogenarian founders of engineering company Renishaw have defied calls to resign as directors despite a revolt by disgruntled shareholders.
Nearly a third of votes were against the re-election of executive chairman Sir David McMurtry, 83, and more than 28 percent were against board member John Deer, 85, at the company's annual meeting last week.
But the pair – who founded Renishaw in 1973 – have emerged fighting and have no plans to leave the company, The Mail on Sunday understands.
Innovation: Renishaw specializes in creating technology such as measuring equipment and components for sectors such as healthcare and aerospace
Together the two still own more than 50 percent of the £2.3 billion company, which specializes in creating technology such as measuring equipment and components for sectors such as healthcare and aerospace.
Investors are frustrated by the lack of succession planning. They are also angry that McMurtry and Deer have refused to sign a “relationship agreement” aimed at limiting their power to outdo other shareholders.
The pair say they believe the proposed restrictions are too restrictive and unnecessary.
McMurtry and Deer put Renishaw up for sale in March 2021, hoping to find a buyer who would respect the company's heritage, protect jobs and continue to spend large sums on research and development.
But they were forced to abandon the process later that year after failing to secure suitable offers.
The group's shares are down about 15 percent so far this year.