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.
