Gyllenhammar resigns from Montpellier board

Peter Gyllenhammar, Montpellier's biggest shareholder with a 34% stake in the publicly quoted company, has resigned from the board.
Montpellier recently became a more focused construction group by transferring its investment wing to a sister division of Gyllenhammar's Browallia group. As part of the deal, he cut his stake in Montpellier from 51% to 34%.
"He was an ideas man," a spokesman said, "and was a draw card when there was an investment capability. But once Montpellier became pure construction, he decided it was time he stepped down."
Gyllenhammar was still able to make his presence felt at the group's annual meeting last week. The agenda included two special resolutions authorising directors to issue and allocate new shares. But Browallia demanded a vote on the proposals and the result was that the resolutions got the thumbs down.