PolyNovo CEO Swami Raote will exit the company after allegedly lodging complaints of bullying against its chair.
Raote will step down as the biotechnology company’s CEO immediately, and will depart PolyNovo in June. Non-executive director Robyn Elliott will be acting CEO until a replacement is chosen.
“The Board and Mr Raote have failed to reach an agreement following the conclusion of their confidential discussions as referred to in PNV's first ASX announcement of 7 March 2025,” PolyNovo said.
“After careful consideration, the Board has come to the conclusion that a change in PNV's Chief Executive Officer is in the best interests of PNV at this time and that new leadership is required to continue the Company’s growth.”
The company said in an ASX announcement on 7 March that it had asked Raote to leave PolyNovo at the end of his contractual notice period in June, as well as resign as CEO.
This followed reports by The Australian that PolyNovo’s chair, David Williams, had been independently investigated for allegedly bullying the company’s executives, including Raote. The company reportedly offered Raote cash in exchange for leaving his role after his complaints against Williams.
Barristers engaged by PolyNovo reportedly recommended Williams step down after the investigation, although he declined and has remained as chair. Williams has denied that an investigation took place.
PolyNovo also said last week that it had engaged advisers to educate its board of directors on appropriate workplace behaviour. “The Board recognises the importance of providing a safe and inclusive workplace, and treating everyone equally and respectfully,” it said.
Azzet has contacted PolyNovo for comment.
PolyNovo’s (ASX: PNV) share price closed at A$1.16 yesterday, down from its previous close at $1.26. Its market capitalisation is $797.9 million.
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