Revolt against chairman's re-election
Laura Ashley shareholders registered their discontent over the retailer's poor performance at yesterday's annual general meeting, with a significant vote against the re-election of its chairman.

Tan Sri Dr Khoo Kay Peng, who controls 60 per cent of the fashion to soft furnishings retailer, suffered a vote of no confidence of 12 per cent of the remaining shareholders. Other non-executive directors of Laura Ashley also faced similar shareholder votes against their re-elections, after a campaign

waged by the RREV, an offshoot of the National Association of Pension Funds.

Shareholders are thought to be concerned over the retailer's top-heavy hierarchy and a lack of retailing expertise within the highest levels of its management. The shareholder disquiet is a result of a period of turmoil for the retailer, once the stalwart of UK retailing in the 1980s. Laura Ashley revealed a drop in like-for-like sales for the 24 weeks to January 15.

In January, chief executive Ainum Mohd-Saaid resigned and was replaced by non-executive director Lillian Tan.

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