Mathieson piles heat on Endeavour chairman to step down

afr.com:

Billionaire pubs owner Bruce Mathieson escalated his war against Endeavour Group chairman Peter Hearl, threatening to call an extraordinary general meeting if he does not step down at next Tuesday’s annual meeting.

Mr Mathieson, who is backing nominee Bill Wavish in a boardroom shake-up at the pubs and liquor retailer, admitted it would be tough for Mr Wavish to get elected after multiple proxy advisers told clients to vote against his nomination last week.

“I wish Bill every success at the AGM though I recognise it won’t be easy given the Endeavour board’s obsession with maintaining the status quo,” Mr Mathieson said.

Bruce Mathieson is the biggest shareholder in Endeavour Group, controlling a 15 per cent stake. Glenn Hunt

“AGMs come and go. I’m here to stay. I have got $1.5 billion of my family’s money invested in this company and a lifetime of our work. I am not going to sit by and watch this great company fail due to poor leadership. I will do whatever is necessary, for however long, to effect change. This starts with getting rid of Peter Hearl.

“As a 15 per cent shareholder, I have the power to call an EGM, and if I do, it will be a resolution to vote the chairman out. I know what it takes to build a successful business and I can smell a guy that has no idea and that’s Peter Hearl – he has to go, no ifs and buts.”

WaveStone Capital flagged its intention to vote against the remuneration report. WaveStone principal Raaz Bhuyan said Endeavour’s performance needed improvement, and the board was light on retail experience and in running hotels.

“In the circumstances the business finds itself in, we need a period where the largest shareholder is supportive of the board renewal process,” he said. “It is absolutely