Kier’s largest shareholders are pushing to oust the company’s top executives following the plunge in its share price, it has been reported.
According to Sky News, shareholders including Woodford Asset Management, which owns 14.2 per cent of the company, want either one or both of chief executive Haydn Mursell (pictured) and finance director Bev Dew replaced.
Fund manager Neil Woodford wants a management overhaul in the next few months and is said to be supported by other shareholders.
Investors are reported to favour external appointments to replace the current CEO and FD.
The move follows a 62 per cent plunge in the company’s share price over the past year after it issued £264m of new shares in November to shore up its balance sheet.
Kier paid £14m in fees to carry out the placement of new shares, two-thirds of which had to be taken up by its underwriters as buyers avoided the stock. These have since been sold on to investors.
It has also emerged today that 57 of Kier’s directly employed staff in Gloucester and Worcester were not paid fully last week, which included overtime worked during the Christmas period.
A Kier spokeswoman said the underpayment was due to an administrative error.
“This administrative error falls short of our usual high standards and we have worked hard to resolve the situation and keep those affected informed.
“We can confirm that all payments were in accounts no later than 11 January, this includes normal working hours and overtime payments over the Christmas period, and any charges incurred as a result of this late payment will be reimbursed in full.”