Listed financial services firm Praemium has announced a number of changes to its board of directors.
In a statement to the Australian Securities Exchange yesterday, Praemium announced non-executive director Don Stammer had retired from the board, effective 20 March, after six years.
"He led the board with distinction and backed it with his own investment, recently becoming the company's largest shareholder," Praemium chairman Bruce Parncutt said.
Fellow non-executive director John Bryson would also retire from the board before the end of the financial year, once a replacement was found, the company said.
Bryson has been on the board since August 2007 as chairman of the company's risk committee and most recently as chairman of the audit, risk and compliance committee.
A search for a candidate to replace Bryson was expected to commence shortly, Praemium told InvestorDaily.
Praemium chief executive Michael Ohanessian has been appointed to the board as managing director.
"The retiring directors were instrumental in the decisions that led to the recent restructuring and repositioning of the company," Praemium said.
"With these initiatives now successfully implemented, both directors believe that this is the appropriate time to facilitate the introduction of fresh talent to the board."
In September last year, Praemium undertook an organisational restructure and cost-cutting program to boost its bottom line.
The restructure followed a review of the company's operations, which identified a number of opportunities to improve efficiencies and eliminate expenditures.
Ohanessian told InvestorDaily the company had no plans for any further appointments.
