PolyNovo chair David Williams quits with immediate effect
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The news: The chair of medical devices group PolyNovo David Williams has resigned from the board with immediate effect, months after media reports claimed he was the subject of an internal bullying probe.
The numbers: PolyNovo shares were up 4.8% to $1.36 at midday. The stock is down 37% over the last 12 months.
The context: The company, which develops and manufactures innovative wound care products, has named current non-executive director Leon Hoare as chair.
Earlier this month, PolyNovo appointed new CEO Bruce Peatey, who will start on 1 December, after former boss Swami Raote's abrupt departure.
His resignation came a day after the group responded to allegations about Williams, telling investors that it had engaged workplace law firm Kingston Reid to provide training to the board about appropriate workplace behaviour and employee and director responsibilities.
The board also brought in former Westpac chair Lindsay Maxsted to advise the board on "specific governance matters", including on the interaction between board members and group executives.
What they said: "On behalf of the board and shareholders, I would like to thank David for his 11 years of dedicated service as chair," said Hoare.
"Under David's leadership, PolyNovo evolved from an early-stage medical device venture to a global medical technology company."
The source: ASX
