William Dolphin has agreed to step down as chief executive of biotech company Avita Medical, and Dalton Gooding has resigned after announcing his intention to do so at the company's annual general meeting in November.
William Dolphin has agreed to step down as chief executive of biotech company Avita Medical, and Dalton Gooding has resigned after announcing his intention to do so at the company's annual general meeting in November.
Avita's remuneration resolution was voted down at the AGM with major shareholders Australia Ethical and BioScience Managers both voting against the report after criticising management.
The management change is effective immediately, but with Mr Dolphin continung in an advisory capacity until the company appoints a permanent chief executive by June 2014.
In the interim, chief financial officer Tim Rooney will be appointed acting chief executive.
Also, Avita deputy chairman and director Ian Macpherson has been appointed interim chairman until an appropriate candidate is elected.
“Dr Dolphin is a highly regarded and experienced biotechnology executive in the medical field and the company has been extremely fortunate and is grateful for his leadership during this period,” Mr Macpherson said.
“We believe that the foundation work has now been laid and the company is ready to launch into its new phase of growth under the leadership of Timothy Rooney in the interim while an extensive internal and external search for a permanent replacement is conducted.”
Mr Rooney joined Avita Medical in October 2012 and previously served as the chief financial officer and chief operating officer for PDI Enterprises, a pharmaceutical wholesale company, where he raised company revenue from $100 million to $424 million.
“Mr Rooney’s substantial experience in and knowledge of the biotech industry and pharmaceutical wholesale distribution sector in addition to his knowledge of Avita Medical and ReCell, will be crucial to supporting the company’s strategy to push product sales forward while maintaining the pressure to progress the company’s clinical trials,” Mr Macpherson said.
Avita’s remuneration committee has commenced a review of the company’s remuneration structure following shareholder feedback.
“Shareholders have been very clear that they expect a more transparent remuneration structure with objective KPIs aligned to shareholder returns,” Mr Macpherson said.
“The remuneration committee expects that a new structure will be developed and implemented prior to the appointment of a new, permanent chief executive officer.”
Shares in Avita are down half a cent to trade at 8 cents, as of 11.45am, WST.
