DX (Group) has announced the proposed appointment of Liad Meidar, managing partner of one of its largest shareholders, as a non-executive director.
Gatemore Capital Management (GCM) wrote to the logistics firm at the end of last month demanding Meidar became a board member after DX said there was a potential corporate governance issue and that it would not be able to publish its results on time and its shares would be suspended in the New Year.
GCM holds almost a fifth of all the shares in the business.
Ron Series, DX (Group) chairman, said: “Gatemore has been a staunch supporter as we have completed the turnaround of DX from a position of near collapse to profitability and cash generation.
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“The company is now entering an exciting new phase of development, focused on market share expansion and margin growth.
“We look forward to Liad’s input to our strategic growth plans as a board member.”
Meidar said DX’s management represented “one of the leading overnight freight and parcels teams in the country” and he added: “DX is now facing tremendous growth opportunities.
“As a major shareholder, I remain an enthusiastic supporter, and am committed to assisting the company through the current situation to the benefit of all shareholders.”
