PolyNovo (ASX:PNV) Chief Executive Swami Raote will step down from his role immediately after failing to reach an agreement with the board in relation to previously reported governance issues, according to a Tuesday filing with the Australian bourse.
Raote will cease his employment with the company on June 10.
Non-executive director Robyn Elliott will succeed Raote in an acting capacity, pending the appointment of a permanent hire.
"After careful consideration, the board has come to the conclusion that a change in PNV's chief executive officer is in the best interests of PNV at this time and that new leadership is required to continue the company's growth," PolyNovo said in the filing.
Last March 7, PolyNovo disclosed several steps meant to address governance issues at the firm in relation to alleged interactions between Chair David Williams and some members of the management.
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