SINGAPORE (THE BUSINESS TIMES) - QT Vascular's chief executive and executive director Eitan Konstantino will step down from his role on Nov 30, shortly after some shareholders sought to oust him and three other members from the medtech company.
Mr Konstantino, who primarily responsible for the business development and overall management of QT Vascular, on Friday (Nov 19) sought to step down in end-November, which was approved by the board. His tenure as CEO was originally scheduled to end either after the scheme of arrangement transaction was completed or on Dec 31 this year.
His early resignation comes after Mission Well - which owns a 10.19 per cent stake in the company - and another shareholder petitioned for the removal of Konstantino as well as executive director Momi Mimon Brosh and independent directors Sho Kian Hin and Ng Boon Eng.
The other shareholder seeking to boot out the existing board members is Tansri Saridju Benui, who owns 50,000 shares as at Nov 16. Together with Mission Well, he issued a call to appoint new directors, including himself as an executive director, and Mission Well director Christian Kwok-Leun Yau Heilesen as a non-independent non-executive director.
Mission Well reasoned that this was to "seek an improvement in the future of the company". There were going concern assumptions on the group's "ability to operate, to realise their assets and pay up their liabilities" under his leadership, among other issues, it said.
QT Vascular said it will hold an extraordinary general meeting (EGM) on Dec 15 for shareholders to vote for the removal of executive director Brosh and independent directors Sho and Ng.
This comes a day after Mission Well, one of the two shareholders seeking to oust Konstantino and other members of the board, withdrew its requisitioning notices to hold two EGMs on Dec 2 and Dec 15, without any explanation or reason.
Shares of QT Vascular ended the week 0.1 cent or 10 per cent lower at 0.9 cent on Friday (Nov 19), before the announcements on Saturday.