Clime beds down interim joint CEO arrangements
Barely a month since the pre-emptory exit of Rod Bristow as chief executive, Clime Investment Management has announced the contractual arrangements which will underpin the interim appointments of Brett Spork and Neil Schafer as joint chief executive officers.
Schafer is the chair of Clime.
Clime abruptly announced Bristow’s exit early last month and had issued an announcement to the Australian Securities Exchange (ASX) outlining fixed-term contractual arrangements for Spork and Schafer.
The contractual arrangements would see the contracts operating for an initial term of five months and “will automatically terminate upon the earlier of the company appointing a new CEO or the expiration of the Spork Employer Contract, whichever is sooner”.
The contracts said that when the contracts terminated, Spork and Schafer would revert back to their roles as non-executive directors of the company.
Additionally in the Schafer contract was a section which gave the company the right to “terminate the Schafer Employment Contract without notice (or without payment in lieu of notice)” based on a range of issues including dishonesty, misconduct or his refusal to comply with a reasonable instruction or direction given by management of the company.
Recommended for you
T. Rowe Price believes Australian growth is successfully managing to shrug off consumer weakness, but the firm’s multi-asset team is not yet positive enough to increase its underweight position.
Iress has issued an update denying the validity of “certain statements” made by an alleged threat actor, following a cyber incident last weekend.
The latest budget papers have outlined a $10 million provision for ASIC greenwashing enforcement activity as well as funds for a sustainable labelling regime to be partially met by industry levies.
Betashares has expanded its fixed income solutions with the launch of a new ETF offering exposure to subordinated bonds issued by the big four Australian banks.
