Trustpilot Staff, the net critiques platform, has kicked off a seek for a brand new chairman little greater than a yr after list at the London inventory marketplace.
Sky Information has learnt that the corporate has appointed headhunters from The Up Staff to spot a successor to Tim Weller, the revered entrepreneur.
Mr Weller, who additionally chairs a string of privately owned firms, has been on the helm of Danish-based Trustpilot for a decade.
His deliberate departure comes amid a rout in indexed generation shares.
Since floating at 260p-a-share in March 2021, Trustpilot’s inventory has fallen to simply 81.25p, giving the corporate a marketplace capitalisation of about £340m.
Nonetheless, quite a few shareholders are mentioned to have expressed opposition to Mr Weller’s departure, arguing that it reinforces flaws in company governance tips which state that non-executive administrators stop to be unbiased when they have got served for 9 years.
Some establishments say the clock must be reset as soon as an organization turns into publicly traded.
The seek for Mr Weller’s successor is being led through Angela Seymour-Jackson, the senior unbiased director, who has additionally served on forums together with Long term, the magazines writer.
Many traders consider the percentage value declines at indexed tech firms have left them susceptible to takeover approaches, even supposing broader financial uncertainty and issues that previous valuations have been inflated imply few such bids have materialised.
A Trustpilot spokesman declined to remark.