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Ex-Lighthouse boss Rosengren supports rebel shareholders
by Jun Merrett on Aug 16, 2012 at 07:54
Former Lighthouse Group chief executive Allan Rosengren has committed to a return to the IFA group as director if shareholders' call for chairman David Hickey to go is successful.
Lighthouse Group has received a request from shareholders to remove chairman David Hickey as director of the company to be replaced by Rosengren (pictured)
Rosengren, who owns 15% of the group's shares said he was supportive of the resolutions.
'I was asked if I would act in the capacity of a director and of course I would. It is time the company was back on the front foot and seeking to grow profitably again. That is one key reason,' he said.
'Shareholders do deserve to have a say in how the business is run going forwards...it is unfinished business. The company can do so much more than it has been doing, so I'd like to see it fulfill its potential.'
Rosengren said he could not say whether he would replace Hickey as chairman of the group, arguing that while the shareholders could call for the appointment of the director, it was up to the board to determine who fills the chairman role.
Rock Holdings Limited and Southern Rock Insurance Company, who together own 5% of the group's shares, have requested to hold a general meeting to propose a resolution to remove Hickey (pictured) as a director.
Lighthouse will send a circular notice to shareholders no later than 3 September and has advised shareholders not to take any action in connection with the meeting until they have read the circular.
A note from Lighthouse said: 'The requisition has been received from Rock Holdings Limited and Southern Rock Insurance Company, who together own approximately 5%. of the company's issued share capital, and proposes the following ordinary resolutions:
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7 comments so far. Why not have your say?
T Fish via mobile
Aug 15, 2012 at 17:47
Its amazing that the chairman didn't step down after his embarrassing defeat. Most plc boards would have made the chairmanship position untenable so it looks like the shareholders will have to decide. There is no doubt it's time for change, good luck to Rosengren.
report thisJulie Williams
Aug 15, 2012 at 20:29
I am contemplating joinging Lighthouse as have just accepted a 'compromise agreement' from a certin life insurance company based in a certain ethical bank (lol). Any comments or thoughts would be appreciated.Thanks
report thisMan in Black
Aug 16, 2012 at 11:46
I do not know Mr Rosengren and so cannot comment on him other than I'm not aware of anything wrong with him.
By contrast, Mr Hickey faced a clear defeat from the shareholders on what was surely a matter of confidence. Why he has not resigned is beyond me.
report thisRoydo
Aug 16, 2012 at 12:01
@ MIB.
Allan is one of the most respected, and well respected figures in Financial Services. In my dealings with him, albeit many years ago, he was never less than courteous and upright in any dealings we had.
report thisMan in Black
Aug 16, 2012 at 12:15
@Roydo - Thank you. That's good to hear.
report thisKRW
Aug 16, 2012 at 13:15
I also have known Allan for more than 20 years and can vouch for his integrity and honesty in any dealings i have had with him.
I for one would be delighted (and relieved) to see him replace Hickey on the board who frankly should have done the honourable thing already and stepped down, following his humiliating defeat
report thisBird of Paradise
Aug 16, 2012 at 16:55
Allan gets my vote. I too have known him many more years than I care to mention. He is well known in the industry and has an awful lot of respect. He is a great guy who cares about people, a true gentleman who is honest and loyal. I know Hickey but not so well. He seems to operate in a very different way to Allan being more closed, more secretive and hence he can come across as untrustworthy. I am sure he is a nice guy too but the listed company deserves someone who cares enough to want to run it as a listed company and who will do their utmost to get the share price back up and also reward those loyal investors.
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