Adtech group Tremor feels shock of shareholder pay revolt
A London-listed advertising technology provider has caved into shareholder pressure and abandoned plans to recalibrate a multimillion-pound executive pay scheme.
Sky News has learnt that Tremor International has withdrawn two resolutions that were scheduled to be voted on at its annual meeting on Wednesday.
They related to a repricing of share options and an increase in the amount of stock that could be awarded under the company’s equity compensation plans.
Leading shareholders are understood to have warned Tremor against proceeding with the plans after a year in which its shares have slumped by more than 40%.
One source close to the company confirmed that the two resolutions would almost certainly have been defeated given the level of investor unrest at the proposals.
Tremor, which is headquartered in Israel, recently bought Amobee, a California-based peer, for $239m.
Although the transaction is expected to be highly earnings-accretive, Tremor’s shares have performed disappointingly.
In November last year, Sky News revealed that leading investors were urging its board to hold talks with potential buyers amid frustration at its sluggish stock price performance.
The company’s board members include Rebekah Brooks, the chief executive of News UK, publisher of The Sun and The Times newspapers.
Tremor declined to comment.
