Nvidia’s results, Tesla’s European sales, Japan trade - what’s moving markets
Investing.com-- Shares of Australian medical technology company PolyNovo Ltd (ASX:PNV) dropped to a 16-month low on Friday after the company confirmed that CEO Swami Raote had been asked to step down.
In a statement responding to an article in The Australian, PolyNovo said its board had a confidential discussion with Raote last week, requesting his departure by June 2025, at the end of his contractual notice period.
As of 01:53 GMT, shares of the company fell 7.4% to A$1.278, their lowest level since early November 2023.
Earlier this week, The Australian reported that PolyNovo Chair David Williams was being independently investigated over allegations of bullying company executives, including CEO Swami Raote and CFO Jan Gielen.
The company proposed that non-executive director Robyn Elliott would become acting CEO if Raote steps down, and until a permanent successor is appointed.
PolyNovo, which specializes in advanced wound-care products, said the leadership change comes as it continues its global expansion efforts. The company has treated over 50,000 patients across 41 countries and is investing in new products and markets.
The board-authorized announcement provided no further details on the reasons behind Raote’s exit.