A key C-Suite man at Cryosite has lost his performance rights.
CTE chairman Bryan Dulhunty this afternoon posted a terse announcement to the ASX.
“We advise that 714,946 performance rights have lapsed.”
While Dulhunty doesn’t identify the owner(s) of the rights or the reasons for the lapse, clues may be found in the CTE annual report posted on August 22.
The report lists Mark Byrne as the holder of 714,946 performance rights.
The rights were issued under an incentive scheme devised and run by Crighton & Associates Pty Ltd.
On June 27 Bryan Dulhunty issued a statement headed Trading Update and Staff Restructure.
“Mark Byrne, after 2 years as CEO, has decided to reduce his workload to spend more time with his family and travel,” Dulhunty said.
“Mark joined Cryosite in June 2016 as CFO and stepped up to CEO in July 2017 when the company was facing some difficult challenges.
“Over the last 2 years, Mark has guided the company through significant changes and the board wish to thank him for his contribution to date.”
Dulhunty added: “The company is delighted that Mark has agreed to accept a new part time role of COO - Finance and Administration and will continue to work closely with the board.
“Mark will step down from the CEO on the 30th September 2019 and commence his new role in October 2019.”
A key C-Suite man at Cryosite has lost his performance rights....
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