BrainChip (ASX:BRN) - Outgoing CEO and Managing Director, Louis DiNardo
Outgoing CEO and Managing Director, Louis DiNardo
Source: Crunchbase
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  • After four-and-a-half years, BrainChip’s (BRN) CEO and Managing Director, Louis DiNardo, will be replaced by Co-Founder and Chief Technology Officer, Peter van der Made
  • While the artificial intelligence company claimed the outgoing leader will pursue other interests, it said the decision was mutual and his role was ‘terminated without cause’
  • Peter van der Made will replace Louis on an interim basis while BrainChip searches for a permanent CEO to further commercialise the Akida technology
  • He will maintain a part-time role for 12 months to assist with the transition,
  • BrainChip has dropped 9.01 per cent with shares trading at 50.5 cents

BrainChip (BRN) has announced that CEO and Managing Director, Louis DiNardo, will be replaced by Co-Founder, Peter van der Made.

The artificial intelligence company didn’t provide much detail on the reason for Louis’ departure, just that it was a mutual decision and his role has been “terminated without cause, effective immediately.”

However, it seems the former executive will be pursuing other interests.

Louis was BrainChip’s CEO and Managing Director since September 28, 2016, during which time he oversaw the development of BrainChip’s Akida technology.

“On behalf of the board and the employees of Brainchip, we thank Lou for his years of service to Brainchip and for taking us from concept to silicon. We wish him the best in his future endeavours,” Non-Executive Chairman Emmanuel Hernandez said.

Under the terms of his departure, Louis will remain in a part-time role for the next 12 months to assist with the transition. He’ll receive US$100,000 (roughly A$129,000) which will be paid in equal monthly instalments. Additionally, he’ll get a severance payment (also known as a redundancy payment) of US$300,000 (roughly A$387,190) to be paid in equal instalments over the 12 months.

Stepping into Louis DiNardo’s former role on an interim basis is BrainChip Co-Founder, Chief Technology Officer and Executive Director, Peter van der Made.

Peter was the company’s CEO from October 2015 to September 2016. During this interim period, he will be supported by the senior management team — Co-Founder and Chief Development Officer Anil Mankar, Chief Financial Officer Ken Scarince and Vice President of Worldwide Sales Rob Telson.

“I am honoured to lead our team during this interim period, while the board commences an expeditious search for our next seasoned CEO, to further advance the commercialisation of our Akida technology and strategy for the future,” Peter concluded.

BrainChip has dropped 9.01 per cent with shares trading at 50.5 cents at 10:05 am AEDT.

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