Grade resists calls to quit Pinewood

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.

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