Former Cygnett CEO Paul Santoro, who left the role this week, claims he will still be involved in the Company as he still owns 25% of the Melbourne-based accessory business.

In an exclusive interview with ChannelNews, Santoro said, “Going forward I will still be a part of Cygnett. I am attending their offsite meeting next week, when we will discuss new products and plan out the future.”

He added, “I am still a 25% shareholder and I look forward to working with the new management team.”

Santoro, who has business interests in health care and other investments, has not said whether he will take on another CEO role in the industry. He is also a close friend of former JB Hi-Fi Group CEO Richard Murray.

Last year he resigned as Non-Executive Director of Probiotec Limited. The board said it was due to his full-time commitments as CEO of Cygnett and business interests outside of his role with the Company.

ChannelNews understands that Cygnett, who recently hired new product management executives, is looking at new markets and how they expand their presence globally, especially in European markets where they have had a lot of success in the past.

While having a lot of success in global markets, the business struggled in the electric bike and home automation markets.

For more information, please visit the Cygnett website.