PolyNovo shares slide after CEO Swami Raote asked to step down
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More news: PolyNovo shares dived at market open, before clawing back some losses, after the medical devices manufacturer confirmed its CEO Swami Raote was asked to leave amid media reports claiming the company's chair David Williams was the subject of a bullying probe.
PolyNovo shares were down 3.3% to $1.34 at 10:40am AEDT, having dropped by more than 7% at market open.
PolyNovo CEO Swami Raote asked to leave amid chair bullying claims
The news: Medical devices manufacturer PolyNovo has confirmed that a confidential discussion was held with chief executive Swami Raote last week, requesting that he steps down from his role and leaves the company at the end of his notice period in June 2025.
The context: PolyNovo said the discussion with Raote proposed terms for his separation if agreement was reached. The company noted that current non-executive director Robyn Elliott would step into the role of acting CEO pending the appointment of a permanent replacement.
PolyNovo's statement came in response to a report in The Australian, which claimed that its chair David Williams was the subject of an independent probe into the alleged bullying of company executives, including Raote and chief financial officer Jan Gielen.
The source: ASX
