Biotech company Avita Medical has appointed a new chairman after shareholder outrage against the company's remuneration report last year claimed the scalp of former chairman Dalton Gooding.
Avita today announced experienced healthcare services director Lou Panaccio will take the role of chairman at the beginning of July, replacing interim chairman Ian Macpherson.
His appointment follows the resignations last year of Mr Gooding and former chief executive William Dolphin.
The resignations came after major shareholders showed their displeasure with a 75 per cent ‘no’ vote against Avita's remuneration report at its annual general meeting in November.
Mr Panaccio is a non-executive director at global medical giant Sonic Healthcare and has spent more than 30 years in executive roles in the biomedical industry.
Mr Macpherson said the Avita board was pleased to secure a charman with significant, relevant industry experience and credentials.
"Lou exhibits a business background steeped in practical biomedical industry experience, particularly in business development and steering biotech and healthcare products from conception stages through to generating meaningful sales and revenue," he said.
"Lou brings a very sophisticated and highly experienced background and it was quickly apparent to the board that he was the right fit for the permanent chair's role."
Avita is yet to appoint a permanent chief executive to replace Dr Dolphin, with chief financial officer Tim Rooney serving as acting chief executive.
The company is focused on the development and commercialisation of its ReCell "spray-on skin" technology.
Avita shares closed the day's trade steady at 11 cents.
