PolyNovo (PNV), a burns treatment company, has announced the immediate departure of its chief executive officer, Swami Raote. This decision follows unsuccessful discussions between Raote and the board regarding his exit. The company stated that the leadership change is in the “best interests of PNV.” Robyn Elliot, a non-executive director, will serve as acting CEO while a permanent replacement is sought.
The resignation comes against the backdrop of reports alleging bullying by chairman David Williams directed at Raote and the chief financial officer. These allegations appear to have contributed to the breakdown in negotiations and the board’s decision to seek new leadership. The company’s shares have experienced a significant decline, falling 31.4% over the past month, reflecting investor uncertainty surrounding the leadership transition and the internal challenges the company faces. PolyNovo will need to address these issues swiftly to restore investor confidence and ensure stability.
