Inspecs rejects new chair appointment proposed by Downing

(Alliance News) - Inspecs Group PLC on Wednesday said its board has unanimously rejected proposals from Downing LLP to appoint Rocco Benetton as executive chair of the company.

The Bath, England-based designer, manufacturer and distributor of eyewear said it has received a requisition notice for a general meeting from Downing LLP to vote on proposals to remove Robin Totterman as a director and appoint Rocco Benetton as executive chair.

Inspecs said, as previously announced, it is conducting a formal search for a new non-executive chair to succeed Totterman.

It said the search is "progressing well" and it has included Benetton in the search process, at Downing's request.

Inspecs confirmed that Totterman will step down from the role of executive chair when a new chair as appointed, which it expects to announce as soon as possible after the annual general meeting on June 3.

"The board believes that its formal search process follows generally accepted principles of good corporate governance and will enable the board to review a broad array of candidates, which in turn will deliver an optimal outcome for all shareholders," Inspecs said.

The independence of the chair is important for the efficacy of the board going forward, Inspecs noted.

The company said Totterman "remains valuable to the group" and will therefore remain as a director of the company following the AGM.

Inspecs said shareholders should take no action ahead of a further announcement from the company.

Shares in Inspecs were up 5.9% to 45.00 pence in London on Wednesday afternoon.

By Michael Hennessey, Alliance News reporter

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