Michael Ohanessian has been reappointed as the chief executive of Praemium following a shareholder vote to replace the company’s board.
Former Praemium chief executive Michael Ohanessian has been reappointed by the new board of the company.
The entire Praemium board was voted out by shareholders at the company's general meeting on Friday 12 May 2017.
In a statement to the ASX yesterday, Praemium announced the re-appointment of Michael Ohanessian under an interim agreement reflecting his previous terms as chief executive officer, except for the reduction in the notice period to 30 days.
At the firm’s general meeting last week, Mr Ohanessian, who was terminated by Praemium’s former board on 22 February, successfully convinced shareholders to remove the company’s directors and a new board was appointed.
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.
Commenting on Mr Ohanessian’s re-appointment today, Praemium chairman Barry Lewin said, “The board has moved quickly to reappoint Mr Ohanessian under an interim agreement with the objective of re-establishing momentum to Praemium and its strategy.
“The market will be kept updated on longer term arrangements, but right now the focus is on Praemium’s hard-working team and valued client base.”
The services of Praemium's acting CEO, Robert De Luca, were concluded today, Praemium said.
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