Allco director responsible for restructuring and asset sales calls it quits, with the fund manager continuing its reshape of corporate governance.
Allco Finance Group executive director and deputy managing director, Michael Stefanovski, has resigned from his position and will leave the fund manager on September 30.
Initially joining Allco as chief operating officer in 2005, Stefanovski has recently been responsible for the implementation of Allco's restructuring and asset sales.
The measures were taken after the fund manager's share price collapsed at the beginning of this year, over concerns it would not be able to meet debt repayments.
"The timing of his resignation reflects the significant progress made in implementing Allco's restructuring plans," the fund manager said in a release to the Australian Securities Exchange.
The board will now consist of one executive director and three independent directors.
"Allco will continue to reshape its corporate governance regime with the planned appointment of additional independent directors, following the significant restructuring and debt reduction progress and the recent agreement of the new bank facility,'' the release said.
Last month, the fund manager reached an agreement with its lenders on a new senior debt facility, which would see a reduction of its debt to $400 million by June 2009.
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