Australia's Polynovo tumbles as it tries to oust CEO after report on 'bullying'

Polynovo

07/03/2025 01:18

** Shares of medical technology company Polynovo PNV.AX slump 8.3% to A$1.265, their lowest since early November 2023

** Co says it held a confidential discussion with CEO Swami Raote requesting the latter's agreement to step down as chief

** The Australian reported that co's chair David Williams was the subject of an independent probe into the alleged bullying of company executives, including Raote and CFO Jan Gielen

** PNV did not provide any further details on why it held a discussion over ending CEO's employment

** Co says if Raote steps down, Robyn Elliott would take up the role of acting chief executive

** Stock down 37.1% YTD

 (Reporting by Rishav Chatterjee in Bengaluru)

 ((Rishav.Chatterjee@thomsonreuters.com;))