Scores evaluate platform Trustpilot kicks off hunt for brand new chairman

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Trustpilot Group, the net evaluations platform, has kicked off a seek for a brand new chairman little greater than a yr after itemizing on the London inventory market.

Sky Information has learnt that the corporate has appointed headhunters from The Up Group to determine 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 listed know-how shares.

Since floating at 260p-a-share in March 2021, Trustpilot’s inventory has fallen to only 81.25p, giving the corporate a market capitalisation of about £340m.

However, plenty of shareholders are stated 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 after they have 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 by Angela Seymour-Jackson, the senior unbiased director, who has additionally served on boards together with Future, the magazines writer.

Many buyers imagine the share worth declines at listed tech firms have left them susceptible to takeover approaches, though broader financial uncertainty and issues that earlier valuations had been inflated imply few such bids have materialised.

A Trustpilot spokesman declined to remark.

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