PolyNovo Shares Plunge 13% Amid Leadership Turmoil

Highlights:

• PolyNovo Ltd (ASX: PNV) shares dropped 13% to $1.20 following CEO Swami Raote’s exit.
• Reports suggest Raote and the CFO faced alleged bullying from chairman David Williams.
• Investors are now assessing the impact of the leadership turmoil on PolyNovo’s future direction.

CEO Departs Following Allegations

Burns treatment company PolyNovo Ltd (ASX: PNV) saw its shares tumble 13% to $1.20 after the company announced an agreement for CEO Swami Raote to step down. The decision follows reports of alleged bullying by chairman David Williams directed at Raote and the chief financial officer.

Market Reacts to Leadership Uncertainty

At the time of writing, investors reacted strongly to the news, driving PolyNovo’s stock down sharply. Concerns over governance and internal tensions have raised questions about the company’s stability and future leadership.

Next Steps for PolyNovo

With Raote’s departure, PolyNovo’s board will now look for new leadership to navigate the company forward. Investors will be closely watching how the company addresses governance concerns and whether further leadership changes occur.

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