John Moxon questions appointment of son as CEO

Meikles Limited's board chairperson and major shareholder, John Moxon, has accused his fellow directors of bypassing proper governance procedures in the appointment of his son, Matthew Moxon, as the company's new chief executive officer (CEO). This accusation follows Matthew's appointment as acting CEO on October 4, 2024, a move that saw him take over from Malcolm Mycroft, the managing director of TM PicknPay Supermarkets, who was shifted to oversee the retail group.

In a notice calling for an Extraordinary General Meeting (EGM), Moxon outlined his concerns, stating that the board had acted improperly by not following due process. The meeting, he said, would aim to remove certain non-executive directors and replace them with new candidates, including Fayaz King, Benjamin Ward, and Marcel Golding.

Moxon expressed his dissatisfaction with the manner in which the CEO transition was handled, claiming that the board failed to adhere to corporate governance and etiquette. He revealed that a board meeting, which took place in late September, was scheduled to discuss an asset disposal transaction, but instead saw the removal of the then-CEO, a decision that was not on the agenda. Moxon, who was recovering from a major operation and in intensive care at the time, was not notified of the intended changes, and the removal of the CEO was not communicated properly.

He also noted that a director had circulated an email on October 4, 2024, stating that Moxon's communication devices were compromised, further complicating the situation. Moreover, he criticized the failure to publish a formal notification of the resignation of Non-Executive Director Catherine Chitiyo at the end of October.

The issues raised by Moxon were compounded by the board's inability to convene an EGM or an Annual General Meeting (AGM) as required by company regulations and governance practices, depriving shareholders of their right to vote and participate in key decisions. Moxon emphasized that the board's failure to act was a direct violation of Meikles Limited's corporate governance standards.

In his statement, Moxon stressed the importance of holding the board accountable and ensuring that minority shareholders' interests were protected. He argued that the company's ethos of encouraging open discourse and unity of purpose must be preserved. The board's non-compliance with corporate governance principles, Moxon declared, could not be tolerated, and remedial action was urgently needed.

The allegations have sparked significant controversy within Meikles Limited, with shareholders and stakeholders now closely watching the outcome of the proposed EGM and potential leadership changes within the company.