FMC chief moves to oust directors

FMC chief moves to oust directors

Stamos Katotakis, president and CEO of Canadian investment technology vendor Financial Models Company is looking to oust un-named directors from the board in a bid to resolve differences over stategy and direction.

Katotakis, who controls approximately 46% of the currently issued and outstanding common shares of FMC, says that he has requisitioned the directors of FMC to call a meeting of shareholders.

In a brief statement, he says that the action is necessary in order to resolve differences over the strategic direction of FMC.

"Resolving these differences as expeditiously as possible is in the best interests of all FMC shareholders," says Katotakis.

Further details have not been forthcoming.

The firm, which is currently migrating clients to a new trade services communications networks, has experienced only marginal revenue growth over the past year following two years of losses.

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