Online book retailer Booktopia has suffered a boardroom spill, with chairman Chris Beare and three other independent directors walking out.
Beare will remain as chairman until a replacement is appointed, while director Su-Ming Wong resigned yesterday with immediate effect. Fellow directors Fiona Pak-Poy and Judy Slatyer will stay until the AGM on November 28.
In addition, founder and recently ousted CEO Tony Nash, announced he will not be taking an executive role within the company, but will stay on the board. Initially, Nash announced in May he would step sideway from CEO into a new role, but the board fired him in July, appointing CFO Geoff Stalley as interim CEO.
“The company will now undertake a search for new non-executive directors, one of which will be appointed chairman,” Nash said.
Nash called an extraordinary general meeting in August with a view to shaking up the board.
“The two priorities for these discussions have been having a quality independent board and ensuring a good transition and stability for the company,” Booktopia said in an announcement.
“As nothing has been able to be resolved, the four independent directors have therefore decided to resign. In the interim, the remaining directors will work with Tony, management and the board to assist in a smooth transition.”
Nash said the search for the new CEO “is progressing well and the resolution of recent board issues is expected to assist in this process.”
“The transition from a private to a public company is never easy and I would like to thank the outgoing board members for their contribution to the business over the last few years. I will continue to work with the chairman and ongoing directors to ensure a smooth transition to a new board.”
