Guiness Peat Group director Tony Gibbs says he's ashamed of the group's recent performance and hopes his new plan can put the investment concern back on track.
Mr Gibbs outlined his own strategy for the company's future on Friday, after withdrawing his support for an earlier plan that would see GPG list its Australian business as a separate company.
Mr Gibbs said it's clear from the reaction by shareholders that they don't support the demerger and he thinks the idea should be abandoned.
Instead, he's outlined a strategy that would involve a cash distribution to shareholders and an exit from the thread business, Coats.
He said there are some "very very unhappy" shareholders and the credibility of GPG was at an all time low.
"I'm ashamed of it," he said.
Mr Gibbs has acknowledged this may not be the view of his fellow directors.
However, he thinks his plan is the best option and hopes it will get enough support to go ahead.
GPG critic Brian Gaynor of Milford Asset Management, says the idea is likely to find favour with shareholders.
But Mr Gaynor says the fact Mr Gibbs went public with his plan is evidence of what he thinks is the true problem with the group - divisions within its management.
He said other directors will be very reluctant to work with Mr Gibbs to do this.
Mr Gibbs says he plans to talk to shareholders in the coming weeks to get a better idea of what they want.
