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Rear Window

The real reason behind BrainChip chief’s exit

Michael RoddanNational Correspondent

Mar 18, 2021 – 11.54pm

It’s hard these days to know what to make of a terse company announcement of an unexpected executive departure, given corporate Australia’s recent enthusiasm for jettisoning blokes behaving badly.

By their nature, announcements to the ASX often leave much unsaid. AMP’s announcement last year that Alex Wade’s resignation was “effective immediately” made no mention of the former executive’s interest in amateur photography. Say no more, say no more.

Louis DiNardo came to the realisation BrainChip would benefit from a more energetic and committed leader, having served nearly five years in the job.

QBE’s contention that Pat Regan’s “workplace communications” breached the group’s Code of Ethics and Conduct contorted its own adherence to the code that requires QBE to share “accurate and complete information ... with our stakeholders, including media”.

QBE has since refused to answer questions about Regan’s appointment as a director at Expert360, in which he was a major shareholder, two months before his sacking, while chairman Mike Wilkins and interim CEO Richard Pryce last month refused to hold a media conference or interviews at its full-year results, as it had done since time immemorial.

In this environment of unfinished disclosure, the ASX 300 index’s newest addition, the $1 billion artificial intelligence company BrainChip, on Monday told the market its CEO Louis DiNardo had been “terminated without cause, effective immediately” in a “mutually agreed” decision.

Related Quotes

BRNBrainchip Holdings

$1.590 -9.66%

1 year1 day

Feb 21Aug 21Feb 220.0001.1002.200

Updated: Feb 3, 2022 – 7.38pm. Data is 20 mins delayed.

View BRN related articles

BrainChip’s explanation DiNardo was “leaving the company to pursue other interests” gave cause for concern, and shares in the Reddit-loved stock fell as much as 10 per cent, before closing 5 per cent lower on the day.

The full story, thankfully, involved no such forays outside the bounds of the company’s code of conduct.

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DiNardo, unfortunately, was hospitalised just days before Christmas due to an accident involving a menorah (a seven-branched candelabrum) and some Christmas tree branches (a well-known flammable material). It doesn’t take an artificial intelligence titan to join the dots as to what happens when you mix the two.

Recovering from third-degree burns to his hands over January, DiNardo, 61, came to the realisation BrainChip would benefit from a more energetic and committed leader, having served nearly five years in the job.

While CEOs can often self-immolate, we can’t remember one doing it so literally!

With backing from Alex Waislitz and Regal Funds Management, BrainChip’s shareholders could perhaps benefit from more “accurate and complete information” when dealing with future leadership changes.

Redditors seem to agree. User YTB1991 (Yeah The Boys) this week said he was chuffed the “meme stonk” only lost 5 per cent on DiNardo’s termination.

“Can only go up from here haha watch BRN fly when they get a proper CEO with connections that can actually put an announcement together lol.”