The Packham brothers have resigned from the Planit Technology board. Interim CEO Dale Packham remains on in a consultative capacity, while Brian Packham leaves the company to pursue other business interests.
Dale Packham says he originally came on to help with the then troubled Planit Technology, and has after a year already overstayed the original three- to six-month planned stint at the helm.
"Now that Planit is performing profitably again and the restructuring of the company is complete, there is no further need for me to remain on as an executive CEO. I will remain available to the company in a consultative capacity," says Dale Packham.
He believes that while the various divisions of the company are performing profitably, cash is not freely available to support either him or his brother in their executive capacities.
The company`s board will continue to be led by chairman Tony Crosby, while Malcolm Moodie will assume the joint role of chief executive officer and financial director, with group operating units reporting to him. Frik Basson remains on the board as a non-executive director, responsible for legal and other corporate aspects of running the group, and Anthony Bock of Index Capital joins the board as a non-executive director.
Dale Packham says his brother Brian left the company some time ago. Brian Packham joined the Planit board in an executive capacity after his previous company Insys went under in August last year.
"Brian is a very experienced engineer and his services don`t come cheap. It`s unfair to expect him to stay on while he could be out there pursuing his own interests now that his original function to get operations under control is complete. Obviously, he will also remain available to the company for further advice."
The news did little to affect the Planit share price, which by midmorning hadn`t budged from its 2c level.
Related articles:
Planit makes disposal under new management
Embattled Planit rescues Insys
Planit Technology: Comparing red with red
Share
