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AMA Group chair, three directors resign

AMA Group chair Caroline Waldron and three of the smash repairer’s directors have resigned after the company came under shareholder pressure for a board shake-up.

Investment firm Thorney Opportunities, which holds more than 5% of votes in AMA, sent a notice to the repairer last month requesting a general meeting to vote on a resolution for the removal of Ms Waldron, Kyle Loades and Talbot Babineau.

Ms Waldron has been on the board since March 2022 and became chair after Anthony Day retired last September.

The company says Ms Waldron and directors Mr Babineau, Mr Loades and Kim Stewart-Smith have resigned and it will shortly provide an update on the new board composition.

AMA Group has been trying to revive its business, including seeking to renegotiate pricing arrangements with key insurer customers, in response to rising costs in the crash repair industry. The business narrowed its first-half loss to $9.2 million from $27.2 million in the previous corresponding period.

The company is also searching for a new CFO after Geoff Trumbull resigned early last month to take on the top financial role at an unlisted company in an industry unrelated to collision repair.