Linda Wengrowe, non-executive chairman of Y3K, has relinquished her position due to over-commitment. CEO Sonny Fisher says the Y3K board will announce her replacement to the market within the next few days.
Commenting on the current state of the business, Fisher says the security division, one of two remaining businesses within the group, is very busy due to the bevy of new viruses currently affecting companies.
The group has completed an extensive restructuring operation and is looking toward what the board describes as "acceptable profit levels" in the future.
The company`s control and future vision rests with Eureka Industrial. Y3K finalised the sale of a controlling interest in the group to Utas Investments (an Eureka subsidiary) last year and said at the time that Eureka would determine the group`s future strategic direction.
Fisher says the resignation will not have a big impact on the company`s share price as it is a low volume counter.
The share remained untraded at 8c by 11.30am today.
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