BUZZ-Morningstar does not foresee major changes in strategy, risk at PolyNovo under new CEO

Reuters

Mar 12, 2025

BUZZ-Morningstar does not foresee major changes in strategy, risk at PolyNovo under new CEO

** Analysts at Morningstar do not see significant changes in strategy or risk at Australia's PolyNovo PNV.AX if it transitions to a new chief executive officer

** The biotech firm said on Tuesday it has removed its CEO after discussions with the executive last week following media allegations about bullying by the firm's chairman directed at its chief

** Brokerage says transition to a new CEO will be made easier given outgoing chief's efforts over his tenure of almost three years and the underlying business being left in a solid position

** Says CEO Swami Raote oversaw a period of growth in the firm’s global operations, enabling Polynovo’s maiden profit in fiscal 2024

** With the current board, there remains a risk of dysfunction among senior management, but also an opportunity to strengthen governance and the working environment - Morningstar

** Stock down 43.4% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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