PolyNovo CEO Swami Raote to step down immediately
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The news: Medical devices manufacturer PolyNovo has announced that its chief executive Swami Raote will step down from his role immediately and depart the company on 10 June, having previously confirmed that he was asked to leave last week.
The context: PolyNovo non-executive director Robyn Elliott will fill the role of acting CEO until a permanent replacement is appointed. Elliott formerly served as global head of portfolio management at healthcare giant CSL.
The company said the board and Raote "failed to reach an agreement" following confidential discussions last week.
"After careful consideration, the board has come to the conclusion that a change in [PolyNovo's] chief executive officer is in the best interests of [PolyNovo] at this time and that new leadership is required to continue the company's growth," the group said in a statement.
An executive search process will begin shortly to appoint a permanent Australia-based CEO.
PolyNovo shares rallied on Monday after the company outlined steps it has taken to address governance concerns, amid media reports claiming that company chair David Williams was the subject of an internal bullying probe.
The source: ASX
