Link shakes up board after divestments and Pexa demerger
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The news: Financial technology stock Link has released plans to refresh and downsize its board after divesting a legally embroiled subsidiary and a demerger.
The numbers: Link's board will shrink from eight to six, with Sally Pitkin, Peeyush Gupta and Glen Boreham retiring as non-executive directors at the group's AGM, after former NSW Labor president Mark Lennon steps up to the board. Lennon's appointment is effective today but he will stand for election at the AGM on 28 November. Link shares were down 0.9% in early trading.
The context: Link recently divested its Banking and Credit Management business and UK subsidiary Link Fund Solutions, which is embroiled in a class action following the multi-billion pound failure of customer LF Woodford Equity Income Fund. It also demerged from property settlement technology Pexa. Link shares have hit multi-year lows in 2023, amid the ongoing legal action and the recent loss of major client HESTA, the Australian Financial Review has reported.
The sources: ASX Announcement, ASX Announcement, AFR
