LBT Innovations (ASX:LBT) - Outgoing Chairman, Kate Costello
Outgoing Chairman, Kate Costello
Source: The Advertiser
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  • Medical technology business LBT Innovations (LBT) has revealed its plans for the renewal of the company’s Board of Directors
  • The company received clear and consistent AGM feedback about the tenure of certain Board Directors, including the Chair
  • During LBT’s Board renewal process, Chairman Kate Costello and Non-Executive Director Caroline Popper will both retire from the Board
  • Both Kate and Caroline are working to find a suitable applicant to replace the current Chair of the Board
  • LBT Innovations is in the grey and trading at 10 cents per share

Medical technology business LBT Innovations (LBT) has revealed its plans for the renewal of the company’s Board of Directors.

On November 25, 2020, the company held its Annual General Meeting (AGM), during which its shareholders voted on a number of resolutions. During this AGM, LBT received what it described as clear and consistent feedback about the tenure of Board Directors, including the Chair. 

While LBT began discussions about the succession of the Chair last year, the company has updated its plans and begun the active process of Board renewal. 

This process will ensure that those who are appointed to Board have the suitable qualifications needed to lead LBT and drive the company’s commercialisation of its APAS technology. 

As a result of this renewal process, the company’s Chairman Kate Costello and Non-Executive Director Caroline Popper will both retire from their positions on the Board this year. 

Caroline, who joined LBT’s Board in March 2012, will step down from her role in May 2021. For now, she is leading the search for a suitable applicant to replace the current Chair of the Board.

After the new Chair-Elect is appointed, a short but orderly transition period will take place. During this transition, outgoing Chair Kate Costello will work with the Board on the audit of the 2020/2021 financial year and Annual Report.

After the transition period has ended, Kate will step down from her role. 

Kate commented on the company’s process to revitalise its Board of Directors.

“We have listened to the feedback from shareholders who have expressed concern about the tenure of some directors, myself included,” she said.

“The Board had previously commenced succession discussions and I am committed to working with the current Board to identify the best possible candidates for the company and work with my successor to transition the Chair of the Board in an orderly fashion,” she added.

LBT Innovations is in the grey and trading at 10 cents per share, at 2:44 pm AEDT.

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