Over the weekend, shareholders who own 19% of the stock in Quarto, the London-based publisher, requested that a special meeting of the company be held to replace CEO and co-founder, Laurence Orbach with Tim Chadwick as director. Although under Quarto bylaws the meeting must be held, the board will recommend that the proposal be rejected.
Also opposing the move is Marcus Leaver, who left Sterling in March to become COO of Quarto (and it's planned, by next year, to become CEO). He told PW: "The facts about Quarto speak for themselves under Laurence Orbach's stewardship.The business is a solid and reliable creative business that has been dependably managed over a long period of time and through many market shifts for all the stakeholders in the business. Quarto is made up of a careful portfolio mix of asset backed creative businesses and cash generating trading businesses. Lastly with my joining the company there has been a responsible generational succession plan instigated."