Ann: Leadership Update, page-55

As the company's remuneration disclosures have been limited, even the most recent one, we don't know what most senior execs were being paid and which have left and when. These are some of the unfortunate indirect consequences of non-compliant remuneration reporting signed off by the board and auditor as compliant.

It's a good point you raise. You're right that we let go the US head of ops. Interestingly this was only months after he was employed/contracted by Mark and the Board. And yes, there have been a further reduction in headcount as noted in another post. On the flip-side, someone still needs to perform some of those functions such as being responsible for operations. However my concern is that those savings while offsetting the cost of paying Mark through his notice period won't be enough to fix in the near-term the damage done by Mark and some of the other current directors over the past couple of years.

The main point in my earlier post is that we will need far greater cost cutting and/or a substantial increase in sales to reach break-even any time soon to prevent further cash depletion. Working against this is the macro environment of rising interest rates and household costs, the additional cost of an acting CEO while continuing to pay Mark, a declining cash balance and a potential breach of debt facility covenants requiring renegotiation, refinance or repayment of up to $5m. Against this backdrop, the rest of the Board may have felt it had no choice but to terminate Mark and change its position on Mark's directorship to address these issues.

To address these challenges we need very strong sales this half notwithstanding the challenging environment. We should receive news of Q1 sales in coming days. Q2 sales are arguably even more important as our typically strongest sales quarter. A major ramp-up in USD will make a big contribution to the much-needed balance-sheet repair.

@Hawkes07 has written excellent posts on this here and here.