Powerhouse Ventures boss steps down after Hydroworks liquidation
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The managing director of Powerhouse Ventures has resigned — just days before the company’s annual results are due.
“Managing director Dr Stephen Hampson has tendered his resignation which has been accepted by the board and is effective immediately,” the venture capital firm said on Tuesday.
At 1.45pm AEST, he had already been removed from the company’s website.
Powerhouse (ASX:PVL) recently forced a dysfunctional hydro power technology company it had put $7 million into to enter liquidation, after writing off its investment.
Dr Hampson will be replaced by Powerhouse’s chief financial officer Paul Viney, who will now become CEO.
The announcement was made by chairman Russell Yardley, who is also new to the company. He replaced the last chairman, Blair Bryant, who was forced to resign after failing to declare a former bankruptcy.
Dr Hampson was one of the founders of New Zealand-based Powerhouse in 2006.
“It has been a privilege to lead Powerhouse since its creation,” he said.
“Powerhouse has a portfolio of excellent tech start-ups which have potential to grow into world-class businesses. I am incredibly proud of what Powerhouse has achieved.”
Mr Yardley also paid tribute to Dr Hampson’s contribution while explaining the company’s “new direction”.
“Dr Hampson has been an inspiring leader for Powerhouse as it identified and developed promising deep science IP and resulting companies in Australasia,” he said.
“Powerhouse is evolving, and to help our portfolio companies achieve their full potential, we need to deepen the governance and executive skills, with particular focus on capital markets expertise and international corporate growth expertise.
“This means we are seeking to bring this expertise onto our board and executive team as we look to enhancing the next stage of Powerhouse’s growth.”
Powerhouse’s annual results are due this week.
The company listed on the ASX in October last year through an initial public offering (IPO). Its shares are currently trading at 33c — less than a third of the IPO issue price of $1.07.