Speedy Hire equipment at the company's Tamworth, U.K., facility.
Speedy Hire equipment at the company's Tamworth, U.K., facility.
Speedy Hire equipment at the company's Tamworth, U.K., facility.
Speedy Hire equipment at the company's Tamworth, U.K., facility.
Speedy Hire equipment at the company's Tamworth, U.K., facility.

Speedy Hire’s Biggest Investor Asks Chief Executive to Resign

Aug. 12, 2016
Toscafund Asset Management, the largest investor in Speedy Hire Plc., one of the United Kingdom’s biggest equipment rental companies, has asked Speedy’s executive chairman to resign, according to U.K. media sources.

Toscafund Asset Management, the largest investor in Speedy Hire Plc., one of the United Kingdom’s biggest equipment rental companies, has asked Speedy’s executive chairman to resign, according to U.K. media sources. Toscafund, which owns 19.4-percent of the equity in Speedy, said chairman Jan Astrand had not delivered during his leadership tenure. Toscafund said Astrand lacks the appropriate track record and attitude to oversee Speedy Hire’s turnaround, and urged Astrand to resign in advance of an upcoming general meeting “in shareholders’ best interests.”

Speedy Hire has struggled as a result of a failed implementation of an IT system last year as well as a shortage of equipment.

Toscafund also said Astrand has been indecisive as a business leader since he took an executive role last year when then chief executive Mark Rogerson stepped down after unsuccessful efforts to turn the business around.

In an open letter to Astrand, Martin Hughes, Toscafund chief executive wrote: “You have failed to deliver during your tenure as executive chairman and we do not believe you have the appropriate track record or attitude to oversee the company’s turnaround.”

The company will hold a general meeting on or before September 9 to vote on Astrand’s possible removal.