Four members of Charlotte’s Web Holdings’ Board of Directors have offered to resign after receiving less than majority support in an election held during the company’s annual general meeting on June 15.

Roughly two-thirds of shareholder votes were withheld for John Held, Thomas Lardieri, Alicia Morga and Jacque Tortoroli, who currently serves as CEO. More than 97% of votes for Jonathan Atwood and Susan Vogt were "for" votes.

Charlotte’s Web’s board said it will determine whether or not to accept the resignations, in accordance with its majority voting policy.

The election results follow an appeal from brothers Jesse and Joel Stanley, co-founders of Charlotte’s Web, to withhold votes for the same four directors. Last week, the Stanleys called for a board shakeup in light of falling revenue and low share prices.

“The significant cash burn rate with decreasing revenues must end immediately,” Jesse Stanley said. “The current leadership blames general industry decline and regulatory headwinds to avoid taking responsibility for their actions. The truth is that the actions of this board have clearly contributed to the destruction of shareholder value.”

Charlotte’s Web responded to the Stanleys ahead of last week’s meeting, calling their “demands generally, and the timing specifically, are ‎designed to circumvent the procedures and processes in place to protect shareholders and allow them to make an ‎informed decision with respect to the election of directors.”