GetSwift board plays musical chairs but no one loses a seat
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GetSwift has rearranged the deck chairs but left all the key players in place.
GetSwift (ASX:GSW) boss Joel MacDonald has been switched from CEO to president, while chairman Bane Hunter has moved from chairman to CEO.
Both remain on the board in an executive capacity.
Investors in the embattled company have been calling for a board renewal.
Joining the board are Michael Fricklas, chief legal officer of privately held Advance Publications and who takes over as chairman, and David Ryan, chairman of Sunshine Coast Destination and former director at Transurban and Lend Lease.
GetSwift is proposing to pay Mr Fricklas entirely in options, offering 3 million options with a three year vesting period.
Mr Ryan will be paid 300,000 options.
GetSwift is facing three separate shareholder class actions after a media sting earlier this year alleged issues related to market disclosures.
GetSwift shares opened at 40.5, a few cents of the 52-week low. The share price has not recovered since a big shareholder sell-off that took place after they were released from a month-long suspension in March.