(Reuters) – Science Group on Monday reiterated the need for board changes at British consulting firm Ricardo after its call to replace the chair and two other directors was rejected last week.
The UK-based science and technology consultancy firm, which currently holds over 15% stake in Ricardo, said it is “disappointing” that Ricardo’s board did not engage with it in a more constructive manner.
Science Group said the current chair is accountable for the missed financial targets and weak balance sheet.
In January, Ricardo forecast its full-year 2024/25 results to fall below the consensus expectation, weighed down by order delays and macro uncertainties.
Science Group built its stake in Ricardo between February and March of this year and urged its rival’s board to replace three directors with two of its own nominated candidates.
(Reporting by Raechel Thankam Job; Editing by Mrigank Dhaniwala and Eileen Soreng)
