The overwhelming majority of shareholders voted to elect all 10 board nominees that the e-sports and gaming media company put forward at its annual meeting Tuesday, including Janny Lee and David Goldhill, two of Greywood Investments’s nominees. (The Logic)
Talking point: The elections follow a letter from Greywood, which claims to be Enthusiast’s largest shareholder, in May calling for CEO Adrian Montgomery’s ouster and to replace the board with its own nominees. Greywood cited lacklustre performance and pointed to issues with the Toronto-headquartered firm’s culture and governance. Weeks later, four executives at the firm wrote a letter to the board requesting Montgomery’s resignation. Montgomery, who remains CEO while the firm seeks a new leader, was among the re-elected board members Tuesday. Former chairman Francesco Aquilini, whose family owns the Vancouver Canucks, did not seek re-election. The company—which went public via a three-way merger on the TSX in 2019—listed on the Nasdaq last year at US$5.75 a share. Its stock has consistently traded below its debut price and has hovered around US$2 for the past month.