EXCLUSIVE: Former Cygnett CEO & Shareholder Reaches Out Of Court Settlement, Resigns From Board

An out of court settlement has been reached, between Melbourne based accessory Company Cygnett and the Companies former CEO Paul Santoro.

Documents lodged at the Australian Competition & Consumer Commission reveal that Santoro, who suddenly, and without warning, quit the business earlier this year was removed as a director on the 6th of December 2023.

Paul Santoro former CEO and shareholder in Cygnett

Santoro who up until that date, had still owned 25% of the Companies shares, had previously commenced legal action in a Victorian Court following his exit from the global consumer electronics.

ChannelNews understands that after negotiations between lawyers both parties were able to come to an amicable agreement. The settlement amount is not known.

Recently the business appointed seasoned investment executive Ron Dewhurst as Chairman despite Santoro still holding a 25% shareholder in the business.

Cygnett executives told ChannelNews as late as September 2023 that Santoro was still “ A significant contributor to the business” and had recently attended a 2024 product planning event.

Back in 2021 Santoro lost the co-founder of Cygnett  and his partner in the business when Tim Swann died following a tragic motor bike accident on his own property in Melbourne.

Tim & Kim Swann

Tim Swann’s wife Kimberley Swann then moved to play a key role in the business on a daily basis, working with Santoro and other executives until his sudden exit, she is now based on the Gold Coast.

Well known in Melbourne business circles Santoro was the co-founder of Forest Hill Medical Centre and co-owner of Universal Business Services. He was previously CEO of Dorevitch Pathology and Molescan Skin Clinics.

Paul Santoro, CEO of Cygnett says that before launching Cygnett in 2003, Tim Swann played an integral role alongside David Swann the founder of Swann Communications and security in the global expansion and successive sale of Swann Communications.

“Tim was a natural entrepreneur, a dynamic innovator, and a visionary leader. He truly lived life to the fullest,” Mr Santoro said.

At the time of Tim Swann’s death Santoro claimed that Cygnett will continue Tim Swann’s legacy of being Australia’s leading global consumer electronics accessories business.