LONDON (ShareCast) - (Sharecast News) - Gatemore Capital Management has called for YouGov to oust its chief executive in favour of co-founder Stephan Shakespeare, as the activist investor continues to agitate for a sale.
In a letter to the polling firm's board, Gatemore founder and managing partner Liad Meidar said Steve Hatch's 18 months in the role had been a "disaster".

It accused him of "numerous missteps" since his August 2023 appointment, including budgeting failures, mishandled investor communications, "volatile" financial guidance and a lack of strategic clarity.

New York-based Meidar said conversations with "various" stakeholders had revealed "widespread disappointment" with his tenure.

He continued: "We believe the market has lost faith in his leadership.

"Urgent, decisive action is required to address this issues. As such, we strong advocate for immediate leadership changes, specifically the appointment of an interim CEO who has relevant experience and is aligned with shareholders, to conduct a comprehensive strategic review, which we expect will result in a sale process for the company."

Gatemore said that Shakespeare - who co-founded the business with Nadhim Zahawi, the former Conservative chancellor, in 2000 - was "best positioned to drive the necessary changes" given his expert knowledge of both YouGov and the wider industry.

Shakespeare, who still owns around 7% of the business, stepped down as chief executive in 2023 to became chair.

Gatemore, which has a 1.3% stake, is agitating for a sale and first called for a strategic review in November following a slide in the share price. The AIM stock has lost 66% over the last year, including a 46% slump in June after the firm, which listed in 2012, warned on profits.

As at 1045 GMT, shares in YouGov were up 1% at 376.9p.

Russ Mould, investment director at AJ Bell, said: "Gatemore believes the company could fetch more than 700p per share, more than 80% above the current share price.

"The activist investor is certainly not mincing his words. What's interesting is how such a small shareholder, owning just 1.3%, has managed to create such a big noise. Importantly, Gatemore implies it has the support of other shareholders.

"By going public with its naming and shaming, Gatemore is hoping YouGov's board will have no choice but to takes its recommendations seriously."

YouGov did not immediately respond to a request to comment.

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