Incannex Healthcare (NASDAQ: IXHL) announced the resignation of its Chief Financial Officer and Secretary, Madhukar Bhalla, effective February 28, 2024. The company clarified that Bhalla's departure does not stem from any disagreements or irregularities related to the company's practices or financial disclosures.
Following Bhalla's resignation, Incannex's Board of Directors has promoted Joseph Swan to the positions of Chief Financial Officer and Secretary, starting February 29, 2024. Swan, 32, will continue to serve as the company's Treasurer, a role he has held since July 2023.
Swan's tenure with Incannex Healthcare traces back to his time at Incannex Healthcare Limited (Incannex Australia), where he served as Head of Finance from November 2021 until the company's re-domiciliation to Delaware.
Before that, Swan acquired extensive experience in financial oversight and auditing, working at HLB Mann Judd and INPEX Australia, and as an analyst at Deloitte Australia. Swan is a chartered accountant with a commerce and accounting degree from the University of Western Australia.
His professional background includes significant responsibilities such as reviewing financial statements and preparing audit reports, both as an independent auditor and an in-house accountant. Swan has also coordinated audit teams for the delivery of financial statements and reports.
As per his employment contract with Incannex Healthcare, Swan will receive an annual base salary of A$205,000. He is also eligible for performance-based incentives, including up to 20% of his fixed salary in cash for short-term targets and up to A$200,000 in company shares for long-term objectives.
The contract stipulates that either party can terminate the agreement at will with three months' notice or immediately for cause by the company.
This transition in Incannex Healthcare's financial leadership is based on a press release statement.
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