PolyNovo Limited (ASX:PNV) Announces Change of CEO
CEO Transition
PolyNovo Limited (ASX:PNV) has announced that Chief Executive Officer, Mr Swami Raote, will cease his employment effective at 5:00 p.m. EDT (United States time) on June 10, 2025, but will step down immediately. Non-executive director, Dr Robyn Elliott, will serve as Acting CEO pending the appointment of a permanent replacement. The Board concluded that new leadership is needed to continue the company’s growth.
Remuneration and Share Details
Mr Raote will receive his usual salary and benefits until the cessation date. Unvested options will lapse, and his 64,022 escrowed shares will be released and become transferable around September 30, 2025. Dr Elliott’s remuneration includes a gross base salary of AU$769,841 pro rata and a one-month notice period.
Board Review and Governance
Spencer Stuart has been appointed to examine the Board’s structure, skills, and composition for continuous improvement and succession planning. Further updates will be provided as appropriate.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PolyNovo. The Motley Fool Australia has recommended PolyNovo. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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