What is happening at Australia’s Donaco International Ltd is raising lots of questions in the public domain. Of late, there have been numerous changes in the management of the company and what’s even more amazing is that we are talking about the board of directors leaving the company and others coming in.
News just in from reliable sources says Paul Arbuckle the company’s CEO has tendered his resignation notice. He will be leaving the company at the elapse of six months. Of cause, this has come as a surprise to many people as folks wonder what led to the decision. Leaked reports from the Australian Security Exchange, which offers filling or listing services also confirm that the CEO indeed downed the tools.
However, no one knows why he’s stepping out after six months in office. More confusing is that Donaco acknowledges the company a good place to work, and agrees that it was a great pleasure holding the top post all this time in such a company. In the notice letter, Mr. Arbuckle would be leaving by June 4, 2020.
His colleagues acknowledge that the executive has been holding and playing a very important role in steering the business and that his efforts to streamline operations would still be felt even after he is a departure.
He set up systems that have helped streamline the operations of Donaco and that getting another CEO who’ll be willing to continue building on this foundation may not be as easy. Nevertheless, the search for a replacement has already started.
However, Mr. Arbuckle has promised his support to help find the next boss and has assured the board that his leaving has nothing to do with the company being bad. He also mentioned that he wishes the best for the establishment.
Despite that positivity from the executive, still, this has been a tough month for Donaco. The directors have faced it rough trying to keep things on course. First, they kicked out the Lim brothers, which the board saw as the only option to help bring back investor confidence and order, among other key changes.
In general, there has also been notable movement and reordering of staff in the company, so much that it’s not clear whether this might have contributed to Arbuckle’s decision to leave. Donaco’s board chairperson, and two other key officials, David Green and Ben Reichel had to surrender up their positions to the new staff – Kurkye Wong, Leo Chan Yan, and Roderick John Sutton.
Because of these unpredictable exits and entrances, the ASX delisted Donaco for falling short in the set requirements that companies need to have to remain in the exchange. It is mandated that for any company to win and keep a spot in the listing it must have 2 directors from within Australia. In other words, to start trading again the board must employ new directors.
Because of these deficits, the minority shareholders are ganging up to try to influence the board of directors to consider their views on better management policies that the company needs to take in, in the future.