Key facts
- Activist investor Kelso is in a dispute with The Works.
- Kelso wants to install Graeme Coulthard as a director at The Works.
- The Works has urged shareholders to block Kelso's attempt.
- Kelso calls The Works' claims "absurd" and "misleading."
- Kelso believes The Works' statements are a distraction from poor performance.
- Kelso seeks to replace existing board members with its nominees.
- Kelso cites a need for fresh leadership and a better strategy at The Works.
Activist investor Kelso has publicly criticized The Works, a UK-based retailer, for its recent statements urging shareholders to reject Kelso's attempt to appoint Graeme Coulthard to the company's board of directors. Kelso has labeled The Works' claims as "absurd" and "misleading," asserting that these statements are a diversionary tactic. The investor group contends that The Works is attempting to distract from its own operational and strategic shortcomings. Kelso's primary objective is to secure a board seat for Coulthard, whom they believe can bring necessary expertise and oversight. The activist investor group argues that the current leadership at The Works has failed to implement a coherent strategy, leading to the company's underperformance. Kelso's campaign aims to replace existing board members with individuals who can drive a more effective turnaround plan. The investor's response suggests a deepening conflict, with Kelso preparing to make its case directly to shareholders, emphasizing the need for change and improved governance within The Works.