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.