Rebellious shareholders demand replacement of four Aimia board members
An Aimia logo is shown at the company's annual general meeting in Montreal, Friday, May 4, 2012. (THE CANADIAN PRESS / Graham Hughes)
The Canadian Press
Published Thursday, September 12, 2019 1:44PM EDT
MONTREAL - A group of shareholders at Aimia Inc. is seeking to overthrow half of the board, which presided over the sale of its flagship Aeroplan program earlier this year as well as months of tumult around control of the company.
The group, dubbed Aimia Shareholders for Accountability, filed a formal requisition with the board Thursday demanding a special meeting to replace four directors.
Charles Frischer, a Seattle-based investor who speaks for the group, is calling for himself and three others to take the place of chairman Bill McEwan and chief executive Jeremy Rabe along with two others. He notes Aimia has lost more than 80 per cent of its stock value over the past five years.
Frischer says he and another of the would-be directors have a combined stake in the beleaguered company of at least five per cent, enough to request the meeting.
The call for a board overhaul comes as the latest development in an ongoing battle over control of the board of directors.
Last summer, Frischer called for a redo of the annual meeting in June, which he characterized as "crazy" and "plagued with irregularities." Earlier this week Mittleman Brothers, Aimia's largest investor, filed a countersuit against the loyalty company and six current and former members of the board.