Coote Industrial bosses step down

Dale Elphinstone has taken over as chairman of Coote Industrial after his Tasmanian company Elph effectively took control of Coote.

Managing director Michael Coote and chief executive officer Don Patterson have quit in the wake of the takeover.

In a statement Coote said Mr Coote has decided to resign as a result of substantial changes in the shareholding of the company and other changes implemented by the board of managing directors.

He will act as a consultant to Coote for the next 12 months.

Vince De Santis has been appointed managing director of Coote.

Don Hector will continue in his role as a director.

See full company statement below:

The board of Coote Industrial Ltd (Coote) has determined it no longer requires both a Chief Executive Officer and a Managing Director and accordingly the role of Chief Executive Officer has been made redundant. The current Chief Executive Officer, Mr Don Patterson, has elected to leave the company and has also resigned as a director. Don has agreed to provide any necessary assistance to the company during a transition period.

As a result of recent substantial changes in the shareholding of the company and other changes being implemented by the board the Managing Director, Mr Michael Coote has also decided to resign from both his current role and as a director.

Because of Mr Coote's extensive knowledge of the company's business and industry
sectors in which it operates, he has entered into an arrangement with Coote to provide consulting services on an as required basis for the next 12 month period.

As part of these changes, Mr Dale Elphinstone has been elected to the role of Chairman and Mr Vince De Santis has been appointed as Managing Director of the company on an interim basis until a replacement is recruited and appointed. Don Hector will continue in his role as a director of the company.

As previously announced, the board remains committed to the appointment of at least one additional non-executive director to the company prior to the Annual General Meeting later this year.

The board acknowledges the substantial contribution made by both Mr Coote and Mr Patterson and wishes them well for the future.
Dale Elphinstone Chairman