BUZZ-PolyNovo slumps as CEO to leave in major update in 'bullying' saga

Reuters

2025/03/11

** Shares of Australia's PolyNovo PNV.AX fall as much as 7.2% to A$1.165 in early trade

** Stock hits lowest since November 1, 2023

** Biotech co says it has removed its CEO, Swami Raote

** The Australian newspaper has published a series of reports alleging "bullying" by chairman David Williams against CEO Swami Raote and finance head Jan Gielen

** Co earlier this month said it had held talks with Raote over an agreement for him to leave the firm

** PNV stock down 18.2% so far this month

** Stock down 42.4% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com))

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