CTPartners Executive Search Inc. (NYSE MKT: CTP) shareholder Maguire Asset Management today called for the company’s board to initiate a “well-orchestrated” sale process and immediately appoint new independent board members.

“Based on a series of poor management decisions, reported allegations of inappropriate management behavior and a number of outside factors, it is our opinion that CTPartners is significantly undervalued in the public market,” the investor wrote in a letter delivered to the firm today. Maguire called for the addition of shareholder representatives to the board immediately — to help restore investor confidence in good corporate governance — and the “genuine examination of strategic alternatives led by truly independent and experienced board members.”

On Feb. 4, DHR submitted an offer of $7.00 per share for all of the outstanding equity in the company it does not own, and subsequently increased its stake in the firm to make it CTPartners’ fourth-largest shareholder. Maguire Asset Management believes the company could be sold to a strategic buyer for between $12.00 and $16.00 per share and suggested the company engage DHR as one of many potential bidders in an auction process.

“To reiterate, we believe the board and management have lost credibility with Wall Street and investors alike,” Maquire’s letter stated. “In times like this, effective stakeholder communications and full transparency and engagement are critical.”