A power struggle has erupted at the board of Esprit Telecom, an independent European carrier, which has called an extradinary general meeting to help resolve the problem.
Shareholders Apax and Warburg, Pincus, wants founder Walt Anderson to be removed from his post as director. He lost his chairman title on 5 October, by a vote of the board.
However Anderson, who is attorney-in-fact with another shareholder, Walt Anderson and Gold & Appel Transfer, is biting back and has called for the sacking of four existing board members, including chief executive David Oertle. He also wants the removal of any director appointed between 5 October and the EGM. Oertle, a former Sprint and Telstra executive, was recruited to the post by Anderson last year.
Esprit has been struggling of late. It issued a profits warning within a month of floating on the US Nasdaq and European Easdaq stock exchanges last year, and most recently its third quarter pre-tax losses soared to $13.6 million.
UK company law requires that an EGM be called if shareholders with more than 10 per cent stock request such a meeting.
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