Host Europe in Boardroom bust-up
The knives are out
There's a major boardroom bust-up at Web hosting outfit, Host Europe, that has led to some extraordinary revelations being made public about the internal "goings-on" of the company.
Directors published a statement on the Stock Exchange declaring that chief exec Abby Hardoon Adulayavichit, has "displayed a lack of leadership skills, consistently poor management decision-making and improper behaviour at work. His lack of contribution to Host Europe's turnover or profitability is an indication that, in the Board's opinion, Mr Hardoon is significantly out of his depth in his position."
They also claim that they have been considering dismissing Mr Hardoon for the last few months.
Why? The allegations made by the board against Mr Hardoon include a "lack of leadership skills combined with an ineffective management style and a track record of consistently poor management decision-making".
They were also unhappy with his attendance record at work.
But the one that has rocked the City is the allegation concerning the "favourable remuneration and benefits given to the directors' secretary (with whom Mr Hardoon has been having an extra-marital affair), which were unilaterally implemented explicitly against the will of all other directors and contrary to the provisions contained in the budget as approved and signed off by the Board".
This public criticism follows an earlier bid by Mr Hardoon to try and kick out the entire board, other than himself, at a shareholders' meeting next month. ®
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