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Dissident Sherritt shareholders want to oust chief executive David Pathe
HALIFAX – A dissident group of shareholders seeking three seats on the Sherritt International (TSX:S) board of directors believes that chief executive David Pathe needs to be replaced.
The group, led by activist investor and Clarke Inc. (TSX:CKI) chief executive George Armoyan, says Pathe had no operating or capital allocation expertise before he was hired in 2012.
Under his tenure, the dissidents say costs are up in the company’s divisions and the share price has fallen.
The Clarke-led group holds a 5.4 per cent stake in Sherritt.
Sherritt has said the Clarke nominees and the dissidents’ other proposals threaten good governance at the mining company.
Last week, proxy advisory firms ISS and Glass Lewis recommended shareholders support the management nominees for the board.
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