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Cromwell shake-up complete as Weiss takes chair

Business

Gary Weiss has taken over as chair of the Cromwell board, completing a massive shakeup of the company’s management.

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The move follows Singapore investor ARA’s bid to increase its control over the company which it had criticised for several years. The shakeup led to long-term managing director and founder Paul Weightman resigning in December.

At a shareholder meeting in November, the incumbent chairman Leon Blitz and two other directors were effectively voted off the board and a second strike was delivered over the remuneration report. Jane Tongs moved into the role as chair.

The shake-up has not helped Cromwell’s share price which has fallen from $1 in November for 85 cents.

Cromwell said the board’s election of Weiss, who was an ARA nominee, was unanimous. Weiss replaced Jane Tongs who retired.

“The board renewal process has proceeded quickly and the key remaining item on the to-do list, the appointment of a permanent chief executive, is in the hands of the Cromwell board,” Tongs said.

“I would like to thank all Cromwell directors, past and present, for their support during this time.”

Ooi Eng Peng has been made deputy chair.

Weiss said the Cromwell board was focused on maximising the many exciting opportunities before it.

“As chair, I am committed to working collaboratively and constructively with my fellow Cromwell directors to ensure those opportunities – including working with capital partners across Asia Pacific and Europe – are realised,” Weiss said.

“On behalf of all Cromwell securityholders, I would like to thank Ms Tongs for her contribution to the Cromwell board since 2014 and welcome Mr Ooi as Deputy Chair and senior independent director.”

The board consists of six non-executive directors, five of whom are independent.

 

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