Former Praemium chief executive Michael Ohanessian, who was terminated by the board on 22 February, has successfully convinced shareholders to remove the company's directors.
At a general meeting this morning, shareholders passed eight resolutions that effectively removed the entire board of directors and elected Barry Lewin, Stuart Robertson and Daniel Lipshut as new directors with immediate effect.
The vote follows the release of a report by governance firm Glass Lewis that recommended shareholders vote against the proposals because the new board would be "rudderless".
Outgoing Praemium chairman Greg Camm said, "The effect of this voting is that the incumbent board of directors will be replaced by a new board, comprising Mr Lewin, Mr Robertson and Mr Lipshut.
"The shareholderse have spoken and a new board is appointed. Praemium is a good business with very good people and the outgoing board give Mr Lewin and his colleagues our best wishes in governing the company."
The new board have subsequently reinstated Mr Ohanessian as chief executive of the business.
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