Board changes at Praemium
Following an organisational restructure and cost reduction program, Praemium has announced a number of key changes to its board of directors.
The company's chief executive Michael Ohanessian has been appointed as managing director, having only served as CEO since August last year.
Praemium stated that Ohanessian had made excellent progress to date in restructuring the company and building the platform for the next phase of the company's development.
Praemium has also announced that non-executive director Don Stammer has retired from the board, effective today.
Stammer served on the board for six years and was previously the Praemium chairman from July 2005 to August 2011.
According to current Praemium chairman Bruce Parncutt, Stammer recently became the company's largest shareholder.
Meanwhile, Praemium non-executive director John Bryson has notified his intention to retire from the board prior to the end of the current financial year and once a suitable replacement can be identified.
He has served on the board since August 2007 as chairman of the company's risk committee, and most recently as chairman of the audit, risk and compliance committee.
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