The former CEO/Managing is no longer in his position except as a director who will focus on business development. This is my interpretation from the announcement today from a very soft wording not to offend anyone.
Change in blood is required to restore investors' confidence in XPE.
In the last one year, there have been many wrong decisions in regard to funding (e.g., convertible bonds) and granting of shares purchases to directors at discounted price, and also excessive remuneration package. Hope all these bad stuffs will go away and the company could be focused to realise the MOUs into contracts and then revenues.
Ann: Appointment of Independent Chairman, page-91
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