Plumbing and bathroom supplies company Reece Group has suffered an embarrassing second strike against executive pay, in a big protest vote over a slump in profits and a share price plunge which has wiped $8 billion from its market value in a year.
Reece, with 670 outlets in Australasia selling bathtubs, tapware, mirrors and vanity units, is 70 per cent owned by the Wilson family, but problems with a large acquisition of the Morsco business in the United States in 2018 and softer housing markets have undermined profits.
