Keybridge Capital CEO returns after ASIC ban
Keybridge Capital’s Nicholas Bolton has returned to his chief executive role following expiry of a ban made by the Australian Securities and Investments Commission (ASIC).
He previously served as managing director of Keybridge from March 2014 before becoming embroiled in a legal dispute with ASIC in November 2015. He was banned from running a company for three years.
Bolton will be paid $330,000 for a part-time role but may transition to a full-time role with a higher salary in due course. His role may also be terminated by Keybridge at any time in the event of serious misconduct.
He said: “I am very pleased to have resumed my position at Keybridge. For many reasons, Keybridge has had a very difficult few years, reflected, not least, in its negative share price performance. Representing the company’s largest shareholder, I am, of course, highly motivated to both recover and create value for all our members going forward.”
Bolton represents the interests of Australian Style Group, a 22 per cent majority shareholder in Keybridge.
In recognition of the move, chair John Patton would move from executive to non-executive director from 1 July, 2019.
Bolton had appealed to the Administrative Appeals Tribunal (AAT) but this had not been decided when the ASIC suspension expired.
AUTHOR
Laura Dew
Recommended for you
Financial advice platform Otivo has made an experienced appointment from the US as its head of product strategy.
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.
ASIC chief executive, Warren Day, is among senior executives to depart the corporate regulator amid changes to its leadership team.
