Crystal Amber takes aim at studio chairman
Pinewood chairman Michael Grade has resisted calls from a major investor to step down from the board of Blighty’s Pinewood Shepperton Studios.
Crystal Amber, which has an 18% stake, singled out Grade and senior independent director Adrian Bern saying that board renewal was “essential to improve the performance of the group,” in a release sent late Monday, the eve of the studio’s annual financial meeting in London.
After the meeting Grade said, “Our latest discussions with our other major shareholders, representing a clear majority, give us confidence that they support the board, its stewardship and strategy.”
Pinewood Shepperton’s profits have halved since the studios were floated on the stock market in 2004.