A successful coup at Brisbane-based Buderim Ginger Ltd has seen disaffected shareholders oust three out of the four board members up for re-nomination.
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The fate of the four board members was subject to a poll during the company’s extraordinary general meeting yesterday [Wednesday], which was itself prompted by Buderim’s sliding profits and plummeting share price.
MD Gerard O’Brien, the board member not to be requisitioned for replacement, had maintained that such a large-scale change would not benefit the company. However John Cormie, the only requisitioned member to retain his seat, hinted at his imminent resignation after the vote.
New chairman John Ruscoe told Asia Pulse that the new board would be striving for improved performance: “It would be improper for me to comment [on strategy],” he said: “It will take us a little bit of time to work out what the present strategies are.”
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