I have a different take on this to the above posts. The reasons...

I have a different take on this to the above posts.

The reasons given are the usual reasons 'trotted out' when there are differences in direction and a CEO needs to chose the direction decided by the Board and major shareholders, 'or the highway'.
My take is the contest on the board is between a 'continuing the push for growth at all costs' against the 'now start to deliver a more balanced growth and cash delivery'.
The family always seems to be mentioned when there are some differences on the Board and someone goes. It is about 'saving face' and helping the departing persons further employment prospects.

A continuation of 'growth at all costs' also means further highly dilutive capital requirements in a market where interest rates are rising and it is much harder to raise capital.

Then there are the larger shareholders, Thorney, as an example, who are likely to say to the Board 'start to deliver' for shareholders, not the shareholders with freebies, meaning free options / performance shares. Why would a CEO not go for growth at all costs when it is in his interests because of performance remuneration, as distinct from the interests of shareholders.

The 2023 Financial Year is the year to show the market that it can deliver. Remember this was trading at 50c + and shares were issued at those prices. And the last raise was for 10c! What price a next Capital Raise?

Different skills are needed for each stage of the development of a business. The time has come for a new CEO to deliver on the promises made by the Board 2 or more years ago in terms of financial results for ALL shareholders. And we should remember, some of the Board are also in deep like us other shareholders. They also want some results to emerge.

The only way the Share Price will improve is if the there are strong results. We are not immediately growing an Amazon. We are growing a niche financial services business which can be highly profitable if management and the Board 'now pull the right levers'.