Head of the independent board committee (IBC) at Pacific Current Group, Jerry Chafkin, has departed the firm following the end of its acquisition plan.
Chafkin joined the board in April 2019 as a non-executive director and was co-chair of the IBC, which had been assessing potential buyers for the company, including GQG Partners and Regal Partners.
With bids having been initially made in late July, the firm wound up the process last week as both deals fell through.
For Regal, it opted to pull out in September as it felt it was not receiving sufficient engagement from the board while GQG said it could see merit in the deal but failed to obtain the support of the firm’s largest shareholder River Capital.
In a statement to the ASX on 20 November, Chafkin alluded to “fresh eyes” being needed for the company’s future.
He said: “Following the end of the process being run by the IBC and so the end of the IBC, I felt it was appropriate for me to step off the board to make room for new board members who could look with fresh eyes at new alternatives and paths to create value for shareholders.”
Pacific Current Group chair, Tony Robinson, added: “On behalf of the board, I would like to thank Jerry for his commitment and contribution to Pacific Current Group, particularly as co-chair of the IBC. His support and counsel have been greatly valued and appreciated.”
As well as his role on the IBC, Chafkin sat on the board remuneration, nomination and governance committee, and on the board audit and risk committee. Away from Pacific Current, he is the co-founder and chief investment officer at Preservation Capital Management.
Pacific Current Group said a board renewal process is underway to seek new non-executive directors for the board.
The current board consists of Robinson, chief executive Paul Greenwood and non-executive directors Gilles Guerin, Peter Kennedy and Melda Donnelly.
