Investors in Renaissance have voted to elect another director to the board after the troubled company issued a half-year earnings downgrade.
Renaissance owns the Yoobee retail store chain and the Yoobee School of Design in Auckland, previously known as Natcoll.
The firm has been under pressure from a falling share price, a struggling retail sector and a decline in international students.
Shareholders at the company's annual meeting in Auckland on Thursday voted in favor of electing Robert Bijl to the board.
He will represent one of the company's major shareholders, Clive Lewis, who is a former director.
Two directors, Malcolm Thompson and independent chairman Colin Giffney, were re-elected.
Before the meeting, the board had told shareholders it would be disruptive if one of these directors were replaced by Mr Bijl as the company was very close to detailing the outcome of its strategic review.
The review is considering the sale of businesses, mergers or further acquistions as a way to increase shareholder value.
Meanwhile, Mr Giffney says half year earnings will be down 10% and it's retail business will post a loss due to tough trading conditions, new products and slimmer margins from Apple.