G8 chair quits after failed bid for rival, page-3

Could well be more to this.

G8 Education chair Jenny Hutson resigns

• by: Kylar Loussikian
• From: The Australian
• September 24, 2015 11:13AM

Jenny Hutson, chair of G8 Education, has resigned after the company’s bid for Affinity Education was topped by a rival offer.
The childcare operator (GEM) has come under fire in recent months over its pursuit of its smaller rival, last week agreeing to drop its takeover bid and accept a higher offer made by private equity firm Anchorage Capital.
The Takeovers Panel is still considering potential misconduct over the activities of three separate entities that Affinity claims are related to G8 and to Ms Hutson.
However, G8 has repeatedly denied these claims.
In a statement, Ms Hutson said she was stepping down to pursue other opportunities.
She has led G8 since 2010, through a time of rapid growth. The company is now Australia’s largest for-profit childcare provider, with 457 centres.
“It’s been a privilege and a pleasure to lead the board of G8 Education for over five years,” Ms Hutson said.
“Having led the proposed acquisition of Affinity Education it is time for me to step aside and for there to be renewal at board level.”
Matthew Reynolds, a non-executive director, has been appointed acting chairman.
“I am confident that the board transition will be a positive one and that the performance of G8 Education will continue to be exceptional,” Mr Reynolds said.
Ms Hutson had previously come under pressure in 2013, when the corporate watchdog probed Wellington Capital, where she is managing director, over extraordinary claims of unlawful property transfers and the hiring of 200 actors to steer the outcome of a company meeting.
The Australian Securities & Investments Commission dropped the investigation after concluding the allegations could not be proved in court.
The Australian has contacted G8 for further details.
http://www.theaustralian.com.au/bus...y-hutson-resigns/story-fn91v9q3-1227541747337