Almost a quarter of shareholders in Card Factory voted to oust its chairman at the company’s annual general meeting.
A total of 24.87 per cent of votes were cast against re-electing Paul Moody to the board, the results of its AGM have revealed.
Moody, a former chief executive of Britvic, first became chairman of Card Factory in July 2020.
In a statement issued to the London Stock Exchange, Card Factory said: “The board notes that, although it was approved, resolution three on the reappointment of Paul Moody (chairman) as a director, received less than 80 per cent support and accordingly we will engage with shareholders to fully understand shareholder concerns, and provide an update on further consultations within six months of today’s AGM in accordance with the UK Corporate Governance Code.”
Card Factory’s profit rises as chairman’s pay upped
The move comes after shares in the personalised gift and party supply business grew by eight per cent in early trading in April 2024 as the firm resumed its dividend payout and reported a rise in revenue.
For the year to January, the business said its profit before tax was up 25 per cent to £65m.
The Wakefield-based business was also bolstered by the opening of 26 new stores, taking its total to over 1000 stores across the UK and Ireland.
Card Factory is targeting a similar number of openings this year.
At the time, chief executive Darcy Willson-Rymer said: “I am delighted with the progress we have made through the year which would not have been achieved without the commitment and efforts of our colleagues.
“Now, three years into our ‘Opening our New Future Strategy’, Card Factory is financially and operationally a much stronger business.”
According to Card Factory’s annual report, Moody’s base fee increased from £146,400 to £170,313 in its latest financial year.