Globe & Mail 08:29 AM EDT, 06/27/2022 (MT Newswires) -- Greywood Investments, which, together with its associates and affiliates, is the largest shareholder of Enthusiast Gaming Holdings (EGLX.TO), on Monday said it has issued a letter to shareholders and Proxy Circular and voting materials connected with Enthusiast's annual general meeting which is scheduled to be held on July 19.
The letter details the shareholder's disasstisfaction with Enthusiast, chiefly, its leadership. It says that CEO Adrian Montgomery "is responsible for a poor and damaging culture, and a complicit Board."
Enthusuast's problems are also the result of systemic problems within the organization and requires a board that will put shareholders first, says Geywood Investments.
The concerned shareholders propose the following:
- put forward a group of independent director nominees who are "proven builders, creators, and entrepreneurs" and who understand the importance of culture and effective governance.
- replace the CEO. The new board will appoint the current Chief Operating Officer or another qualified individual as interim CEO and start a global search for a leader that can excel in this industry.
- the new Board will address the faults of the incumbent Board. "It will not tolerate an environment that rewards an out-of-touch, selfinterested CEO with outlandish compensation at the expense of those who are building a successful business."