Weeks after Paul Santoro stepped down as the day to day CEO of Melbourne based accessories Company Cygnett, two additional directors have stepped down from the board.

Santoro who is still a director, and recently appointed Chairman Ron Dewhurst, will be joined by two new experienced board members in the running of the global Australian Company.

Effective immediately, Kim Swann the wife of Cygnett founder Tim Swann, who sadly passed away in 2021, has stepped aside from being involved in the day to day running of the business to focus on her children and their ongoing wellbeing.Kim Swann seen here with Tim Swann the founder of the business.

Also stepping down from the board is James Roche.

In a statement to ChannelNews Kim Swann said “As you may be aware, I recently relocated interstate to the Gold Coast and, as a single parent, I need to focus my time and energy on my children. It’s a change of pace that I believe is necessary for my family’s wellbeing, especially after Tim’s passing. While I will miss working closely with the remarkable team here at Cygnett, I am confident that I leave the company in extremely capable hands”.

Recently the business appointed seasoned investment executive Ron Dewhurst as Chairman following the resignation of former CEO Paul Santoro who is still a 25% shareholder in the business.

Also resigning is James Roche who felt that he was not able to commit the time needed to grow the business which is currently operating in over 30 global markets.

Kim Swann said “James is involved in a significant capital-raising venture in a UK- business in which he is a major shareholder. The project requires his presence in Europe for much of this year.”.

New Cygnett Director Stuart Grimshaw

New Cygnett Director Ian Carson AM

The two new directors appointed to the board to replace Swann and Roche are Stuart Grimshaw and Ian Carson AM.

Stuart Grimshaw is Chairman of the Roche family investment committee and Executive Director of Jungle Capital; he brings a wealth of experience in business management to our Board claims Swann.

Previously, Stuart was the CEO and Managing Director of the Bank of Queensland and CEO of Caledonia.

Ian Carson AM is a seasoned fund manager who has held a number of Chair roles at companies including PricewaterhouseCoopers, PPB Advisory and Tanarra Capital.

Ian is also President of the Victorian Arts Centre Trust, a Director of Camp Australia and the co-founder of SecondBite, an organization that rescues surplus fresh food and distributes it to people in need.

Kim Swann said “I am confident that Stuart and Ian will carry on the commitment to innovation and quality that has been a part of Cygnet’s DNA since it was founded by the Swann siblings 20 years ago. I firmly believe that their leadership will successfully guide us into the future while also honouring the Swann family’s significant past”.

All of the executives who have resigned from the board still have significant shareholdings in the Company.

For more information, please visit the Cygnett website.