PolyNovo (ASX:PNV) confirmed that Friday last week it confidentially requested Chief Executive Swami Raote to resign in June and step down as CEO effective from an earlier date, the company said in a Friday Australian bourse filing responding to a report by The Australian.
The discussion proposed terms for his separation if an agreement was reached and revealed that non-executive director Robyn Elliott would be stepping into the role as acting CEO, pending the appointment of a permanent successor, the filing said.
The company's shares tumbled almost 6% in recent Friday trade, earlier hitting their lowest since October 2023.
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