Impedimed management rejects boardroom coup
Management at Brisbane medical technology company Impedimed have rallied behind the board in an attempt to prevent the success of resolutions to oust four directors.
EML's troubled Irish business has lost its entire board
The resolutions were put by Arcadia Park and would be decided by shareholders at a meeting on September 28.
Arcadia wants the removal of four directors Don Williams, Amit Patel, David Anderson and Daniel Sharp which management said would give the group effective control of the board and its strategy.
Management has written to shareholders claiming the action presented “serious risk” to the recruitment and retention of key US leaders in the organisation.
“We would consider it a huge loss and disruption to the company should the board members be removed,” management said.
“The opportunity in front of us to rapidly scale this business is so large and so imminent that a disruption to our strategy and execution would be frustratingly damaging.”
Management said the company had been successful in its bid to attract world-class talent but this had now been delayed because of the threat of disruption.
The management team said if the bid to remove the directors was successful majority control of the board without any insight to their views. Nor had their been any indication of their views on a chair for the company.
“This is of enormous concern to us, the senior management team of Impedimed,” the letter said.
It was signed by chief financial officer Tim Cruikshank, chief operating officer Shashi Tripathi, chief strategy officer Joann Yao, vice president of sales Lisa Prom and senior vice president Dennis Schlaht.
