Fronde chairman Jon Mayson ousted, two other directors also exit
Jon Mayson will stand down at the company's annual meeting in Wellington on July 29.
Jon Mayson, chairman of IT services provider Fronde, has been asked to step down by the company's two main shareholder/directors who wanted to refresh the board.
Mr Mayson will stand down at the company's annual meeting in Wellington on July 29. The professional director holds a number of other chairmanships, including Scales Corp, Martin Aircraft, Titanium Technologies, C3, and Ziwipeak.
In addition, director Andy Lark will also step down at Fronde's AGM due to his expanded role at Xero and other board commitments and Power by Proxi chief executive Greg Cross has said he also won't stand for re-election as a director.
Sandy Maier, David Irving and Celia Burton intend remaining as directors. Ms Burton has an 18.86% stake in the business while the other major shareholder is the Chameleon Trust with 26.4%.
Earlier this month Fronde announced a $1.42 million profit for the year ended March 31, a turnaround from the $3.35 million loss the year before. Overall revenue dropped nearly 4% as the company introduced product and service mix changes to return to profitability. The Australian business grew revenue 19% in the year and is now also making money.
Deputy chairman Sandy Maier said as a result of the board changes, a subcommittee has been set up to review the board's composition and skills and to lead a search for two new directors who can help guide Fronde's expansion into Australia.
Chief executive Anthony Belsham said he looked forward to identifying the board members who can help with the company's next phase. Mr Belsham took over as Fronde boss in December last year, replacing Ian Clarke who remains a shareholder.
Fronde last traded on Unlisted at $1 per share in January.
(BusinessDesk)
Fiona Rotherham
Fri, 24 Jun 2016
Fri, 24 Jun 2016
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Fronde chairman Jon Mayson ousted, two other directors also exit
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