Julian Cook has resigned<\/a> from his roles, effective August 31.<\/p>\nPrior to resigning, Cook had assumed an interim expanded role after founder Chris Meehan stepped down as CEO and chair of Winton on July 6. <\/p>\n
\u201cIn resigning, Cook has echoed the sentiments expressed by Steven Joyce and Guy Fergusson as the reasons for their recent resignations, stating that there is a fundamental misalignment of expectations between himself and the company\u2019s majority shareholder, including as to the role of the board and approach to corporate governance of a listed company,\u201d the statement on the NZX said. <\/p>\n
Last Wednesday, chair Joyce and director Fergusson announced they were resigning from the Winton board effective from Monday, August 31. <\/p>\n
Both are independent directors, and Fergusson is chair of the audit and financial risk committee. <\/p>\n
Following Joyce and Fergusson\u2019s departures, another Winton director announced he will resign from his role, also as of Monday, but will stay on the board. <\/p>\n
James Kemp will step down as a member and chair of the company\u2019s nominations and remuneration committee. <\/p>\n
The news about Kemp followed the announcement earlier on Thursday that chief financial officer Jean McMahon had resigned. McMahon will remain in her role until November 26.<\/p>\n
\u2018Fundamental misalignment\u2019 <\/p>\n
Joyce and Fergusson said they were leaving due to a \u201cfundamental misalignment of expectations\u201d between themselves and the company\u2019s majority shareholder. <\/p>\n
The publicly listed residential and retirement village developer is 55% owned by former CEO Meehan and his wife, Michaela Meehan. <\/p>\n
\u201cOver recent months, it has become clear to us that there is a fundamental misalignment of expectations between ourselves and the company\u2019s majority shareholder with regard to matters relating to corporate governance,\u201d Joyce and Fergusson said. <\/p>\n
\u201cIn an attempt to address this issue, amendments to the company\u2019s constitution were proposed to the majority shareholder to provide minority shareholders with a direct say in board representation and provide a mechanism for independent advocacy for the interests of the company and all its shareholders. <\/p>\n
\u201cThe proposed amendments were not supported by the majority shareholder.\u201d <\/p>\n
Chris Meehan resigned as CEO and chair of Winton on July 6 amid a board-led employment process, with Joyce taking over as chair.<\/p>\n
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