Donaco named two new independent directors

This decision allows Donaco to comply with its director requirements under Australia’s Corporations Act 2001.

Australia.- After the resignation of CEO Paul Arbuckle, Donaco International named two independent and non-executive directors. The new authorities are Mel Ashton, who will take on the role of chairman, and Simon Vertullo, as director. This decision allows Donaco to comply with its director requirements under Australia’s Corporations Act 2001.

“The Board of Donaco is focused on supporting the management team, transitioning to a new chief executive over the coming six months and on resolving distractions that have hampered the Company’s performance in recent times,” Ashton said.

“With strong turnaround credentials on the newly constituted Board, the directors are aligned in our focus on stabilizing the Company and delivering for shareholders. My fellow directors and I will also look for opportunities to strengthen the Board further with additional industry expertise,” added.

According to Donaco’s announcement, Ashton has more than 37 years of experience in the hospitality, property, banking and finance, and mining and resources sectors. Vertullo brings broad financial, transactional and operational expertise, having worked extensively with listed and large privately-owned companies throughout Australia, Asia and the UK. 

Last week, after six months at the helm, Paul Arbuckle quit as Donaco International Limited CEO. The resignation took place just days after three board members failed to retain their seats at the company’s AGM.