H&R Block appeared to be on its way for a major overhaul after the dissident slate of directors put up by activist investor Richard Breeden, formerly the Securities and Exchange Commission chairman, won three seats on the board of the tax preparation company.

Directors nominated by Mr Breeden’s activist hedge fund Breeden Partners, which include Mr Breeden himself, unseated three sitting H&R Block directors at the group’s annual general meeting on Thursday. Mr Breeden’s fund estimated it had received over 80 per cent of shareholder votes.