Melbourne based accessory Company Cygnett, has been restructured following the sudden exit of former CEO Paul Santoro earlier this year.

Santoro was a 25% shareholder in the business that was founded by Tim Swann who tragically died last year, Santoro is now out of the business with Tim Swanns  wife Kim taking a key role in the development of new products at Cygnett.

According to documents filed with the Australian Competition & Consumer Commission Cygnett management have agreed to a buyback deal with 66% of the business now controlled by SwannCorp who have lifted their shareholding from 50% to 66.66%

The other shareholder is the Melbourne based Roche family  who has lifted his shareholding from 25% to 33.33%.

Santoro has received a $14M settlement for his shares in the Company.

The Company will pay the  money from existing cash reserves and a facility via the ANZ bank as part of a Buy Back agreement.

The buyback agreement was set up between Cygnett HK Limited based in Hong Kong and the shareholders.

Santoro was initially engaged by Cygnett in 2014 as a contractor.

He was appointed as a director of the business in March 2015 with his role terminated in April 2023.

The prior structure of the business before Santoro exited was 25% of the shares were owned by Santoro management, 25% owned by the Roche family via their Tarquin business and 50% by SwannCorp.

The Roache family invested capital into the business with the Swann family.

Cygnett management claim that the new shareholder  structure will not affect the future direction of the business, with Cygnett which operates in several Countries  set to reveal several new products at CES 2024.