Investors in Reed Elsevier NV (ENL) want another boardroom change almost two years after a new chairman and chief executive were brought in to turn round the publishing group, the Financial Times reported Wednesday citing two of the top 10 shareholders.
Pressure is mounting on the board to replace finance director Mark Armour, and the shareholders want to meet with Chairman Anthony Habgood to discuss the performance of the group and of chief executive Erik Engstrom, according to the report.
"The company has not delivered against expectations almost continually," one of the 10 investors told the newspaper. "It keeps missing targets and disappointing us. It has a good portfolio of businesses that are massively undervalued."
Reed Elsevier declined to comment, the newspaper said.
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