PolyNovo (ASX:PNV) has announced that its chief executive officer, Swami Raote, will officially leave the company in June but will step down immediately.
Non-executive director Dr Robyn Elliott has agreed to fill the acting CEO role pending a permanent replacement appointment. Dr Elliott will remain on the board.
The company said the board and Mr Raote have failed to reach an agreement following the conclusion of their confidential discussions.
"After careful consideration, the board has come to the conclusion that a change in PNV's Chief Executive Officer is in the best interests of PNV at this time and that new leadership is required to continue the Company's growth," said the company, adding that an executive search process will commence shortly to appoint a permanent Australian based CEO.
Dr Elliott recently retired as global head of portfolio management at CSL, a role responsible for governance oversight and business value delivery of a multi-billion-dollar capital expansion portfolio. Dr Elliott previously held strategic expansion and quality senior director roles within CSL, was the managing director at IDT Australia and commenced her career at DBL Faulding.
"The Board thanks Mr Raote for his service to the company over the past nearly 3 years, and the contributions he has made to the business over that time. These include overseeing a period of growth of the company's operations globally and the transformation and expansion of the company's manufacturing and research and development capability," said the company.
