Praemium board removed, CEO appointed

In a statement to the ASX today, Praemium announced the re-appointment of Michael Ohanessian under an interim agreement reflecting his previous terms as chief executive officer, except for the reduction in the notice period to 30 days.

At the firm’s general meeting last week, Mr Ohanessian, who was terminated by Praemium’s former board on 22 February, successfully convinced shareholders to remove the company’s directors and a new board was appointed.

Shareholders passed eight resolutions that effectively removed the entire board of directors and elected Barry Lewin, Stuart Robertson and Daniel Lipshut as new directors with immediate effect.

Commenting on Mr Ohanessian’s re-appointment today, Praemium chairman Barry Lewin said, “The board has moved quickly to reappoint Mr Ohanessian under an interim agreement with the objective of re-establishing momentum to Praemium and its strategy.

“The market will be kept updated on longer term arrangements, but right now the focus is on Praemium’s hard-working team and valued client base,” he said.

The services of Praemium's acting CEO, Robert De Luca, were concluded today, Praemium said.