I’m trying to understand all of this:
David Radford – Appointed CEO Oct 2017
Alan Beasley – Removed as Chairman and now non-executive director October 2017
Ian Mutton – Former non-executive director and appointed Chairman October 2017
From 19 October release:
In positioning the company for growth, the directors have appointed Ian Mutton, an existing nonexecutive director, as Chairman of the company replacing Alan Beasley who will remain on the board as a non-executive director and continue to assist and guide the Company in that capacity.
From the Australian today:
Mr Beasley, a former managing director of the Australian arm of French bank BNP Paribas and a former Liberal Party official, yesterday called a shareholder meeting to throw out all of the board, including chairman Ian Mutton, except for himself and venture capitalist Steven Xu.
He also raised concerns about the pay of new CEO David Radford, who was appointed in October on base pay of $325,000 a year, and other executives.
“I just want to look at whether there have been other related party transactions,” he said.
“Even as a director I’m kept in the dark as to what contracts have been signed.”
Mr Beasley has asked shareholders to replace directors Mr Mutton, Mary Verschuer, Peter Wallace and Hamish Macdonald with pharma veteran Lou Cattelan and Gold Coast barrister Gary Radcliff.
Mr Mutton could not be reached yesterday but THC told the ASX it would publish a “complete rebuttal” of Mr Beasley’s allegations in the next few days.
It is not the first time Mr Mutton and Mr Radford have been embroiled in a boardroom stoush. In October 2012, the pair were challenged at biotech Bioxyne, where they were respectively chairman and CEO, by major shareholder Octa Phillips. The broker was unsuccessful in unseating Mr Mutton and Mr Radford but both resigned by the end of 2012.
So David Radford and Alan Beasley aren’t fans of each other.
Alan wants to get rid of the Directors. Is the end game to remove David as CEO?
Tell me what I’m meant to think of all this.
Does one of these two need to depart?
Mr Alan Beasley
Mr Beasley has worked in the Investment Banking and Investment Management industries for over 30 years, with Bankers Trust Australia, Goldman Sachs Asset Management, and BNP Paribas Asset Management Ltd. The last two positions as Managing Director and Australian Country Head. Alan is a director and former director of several listed and unlisted public and private companies including two public charities. He is currently Managing Director of Hudson Investment Group Ltd (ASX: HGL) Hudson Pacific Group Ltd and Non-Executive Chairman of Esperance Minerals Ltd (ASX: ESM). He is a former Non-Executive Chairman of Admiralty Resources NL (ASX: ADY) Non-Executive Director of Asia Pacific Capital Securities Pty Ltd, and Biometric Advisers Pty Ltd.
Mr David Radford
Mr Radford is an internationally experienced senior executive with a track record of driving profitable growth across multiple geographies and business segments. His international experience was with COBE Laboratories, Recall Limited (a division of Brambles Australia), GE Healthcare and Nanosonics Limited (ASX:NAN). David also has ASX company CEO experience with Nanosonics and Bioxyne Limited (ASX:BXN) as well as experience in deal origination for private equity funds
Ian Mutton
Mr Mutton has experience in contract related matters and competition and product liability laws. He has previously worked with the Commonwealth Crown Solicitor, Trade Practices Commission, and in recent year has participated and Chaired a number of ASX listed Boards.
Mary Verschuer
Ms Verschuer is an experienced non-executive director with more than 20 years of experience in senior management positions, including board experience on an ASX200, NZX50 listed entity, joint ventures, charities, research and development, and training bodies across a range of sectors. Mary has over 20 years operational C-suite experience in initiating, executing and integrating acquisitions, managing global supply chains, maintaining consistent top and bottom line growth and implementing operational and technical risk management. She is also member of Risk Committee and Management Committee of THC.
Peter Wallace
Mr Wallace is the founder and Managing Director of Endeavour Capital, an independent corporate advisory firm. Endeavour Capital's operations include business sales/acquisitions, directorships and business valuations. He has over 25 years experience in advising smaller and mid-sized businesses and has been a non-executive director of over 20 company groups in a range of industries including; biotechnology, distribution, financial services, healthcare, information technology, manufacturing and retail. Peter is non-executive chairman of ASX listed Ambertech Limited. He is also non-executive director of The Executive Connection Pty Limited and Carte Blanche Australia Pty Limited. Until May 2012 was non-executive chairman of ASX listed Ideas International Limited. He is also a memeber of Management Committee of THC.
Hamish Macdonald
Mr McDonald has leadership skills and practical experience in business development, feasibility studies, and planning, building and leading teams. Hamish was the CEO in the commercialization of a Biotechnology start-up company that has negotiated contracts with Clenergen Ltd. He also formed a joint venture with Linc Energy Ltd for the development of a bioreactor to remove C02 emissions from coal and gas fired power stations and an R&D phytoremediation contract with Queensland Gas Group Ltd for the alleviation of contaminates within coal seam process water within the Surat Basin. He is member of Management Committee.
Expand
(20min delay)