Allco loses deputy MD
Struggling funds management and infrastructure group Allco Finance will lose its deputy managing director and executive director, Michael Stefanovski, from the end of September.
The company announced to the Australian Securities Exchange today that Stefanovski had resigned effective from September 30 and acknowledged that he had been central to the company’s global restructuring initiatives and asset sales program.
It said the timing of his resignation “reflects the significant progress made in implementing Allco’s restructuring plans to a refocused strategy built around its core capabilities”.
Allco managing director David Clarke said the company would continue to reshape its corporate governance regime with the planned appointment of additional independent directors following the significant restructuring and debt reduction progress and the recent agreement on a new bank facility.
AUTHOR
Mike Taylor
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