India-focused real estate investment firm Hirco Plc today said it has revamped its top brass with two of its non-executive directors, Rob Young and Nigel McGowan, and its chief executive officer, Priya Hiranandani ceasing to be directors.
The Mumbai-based Hiranandani Group firm said changes took effect from September 22.
Nigel McGowan, however, would continue to act as the company secretary and Priya Hiranandani would continue to advise the board as a consultant, the company informed the London Stock Exchange.
Rob Young and Nigel McGowan have been non-executive directors and Priya Hiranandani has been chief executive officer since Hirco's IPO in 2006.
Commenting on the board changes, Niranjan Hiranandani, Chairman of Hirco Plc said: "now that Hirco has invested its IPO proceeds, we recognise the sense in reducing the size of the board, but their experience and judgement has been much valued and will be missed."
Earlier, on February 2009, one of Hirco's shareholder and hedge fund Laxey Partners, had sought shareholders meeting for removal of of Niranjan Hiranandani as chairman, David Burton and Nigel McGowan as directors of the company, following Hiranandani Group's proposal for merging two township projects and Hirco Developments with Hirco Plc.
Laxey Partners had strongly opposed the merger saying it was not in the interests of shareholders.
Hirco shareholders had however voted against Laxey Partners' proposals.