Surfstitch chairman Sam Weiss will remain at the helm of the embattled etailer following the results of its extraordinary general meeting (EGM).
91.78% (111,274,527 votes) of shareholders voted to keep Weiss in as chairman, with only 8.22% voting for his removal.
Prior to the vote, Surfstitch's board had continually pleaded with shareholders to vote against the idea of ousting Weiss, stating the company needed to maintain stability amidst troubling financial times.
In a statement by Weiss, at the EGM, he said that even though the business was still operating at a loss, it was now in a better position since he assumed control.
"Although the business has continued to operate at a loss, I believe the underlying SurfStitch business to be better run, leaner, more agile and more appropriately structured than the business we inherited."
Weiss also highlighted that while shareholder's rights allowed them to call a meeting of this magnitude, he believed it to be a costly and unnecessary exercise.
"The ability to requisition a meeting is a right of any shareholder and one that has my utmost respect. However, leaving aside the considerable expense and significant distraction of this exercise, there appears to be little, if any benefit, to the company if the proposed resolution is passed.
"Instead, the passing of the resolution will leave the company with no chairman, no proposal or suggestion as to who should replace me and no indication as to what management should expect from that individual by way of a change in approach, most particularly in relation to the Crown Financial litigation."