Petroceltic CEO Brian O’Cathain survived an attempt by an activist investor to oust him from the UK-based company Wednesday at a shareholders meeting.
Switzerland-based fund Worldview Capital asked other shareholders to remove O’Cathain and appoint two of its own nominees to the company’s board, the Irish Times said.
Worldview holds a 28 percent stake in Petroceltic.
The fund wants Petroceltic to speed up production at its Algerian assets and sell off some smaller assets.
“Petroceltic produces too little; it is too small to develop Algeria and it is spending its money in the wrong places,” Worldview CEO Angelo Moskov told investors.
Worldview also opposed a motion made by Petroceltic to appoint Nicholas Gay and Neeve Billis to its board as independent non-executives.
Petroceltic chairman Robert Adair said Worldview’s moves were an attempt to take over the company and that Worldview’s strategy would hurt the value of Petroceltic’s assets.
Shareholders sided with O’Cathain with 61 percent of shareholders in attendance voting to retain him as CEO.
Shareholders also approved appointing Gay and Billis to the board while rejecting the two board nominees proposed by Worldview.