Clime IM suffers mass board exit
Clime Investment Management has announced that three of its non-executive directors have resigned from the company.
In an ASX statement, the fund management firm said it has received resignations from non-executive directors Andrew Coleman, Claire Bibby and Susan Wynne, effective from 16 October.
Wynne joined in September 2021, Bibby joined in October 2021, and Coleman, who is the chief executive of Teaminvest Private Group (TIP), joined in January 2024 after Clime entered into a strategic alliance with TIP.
The exit means the board will have no non-executive directors for a period and consist only of chairman John Abernathy and managing director Michael Baragwanath. Abernathy founded Clime back in 1996 but Baragwanath only joined the business a few months ago in July 2024, having worked as a senior partner at TIP.
The firm did not give a reason for the departures or state whether it is part of a board renewal process.
“The company will make a further announcement in due course regarding the replacements and extends its best wishes to the outgoing directors.”
Earlier this year, Clime IM chief executive Annick Donat announced she would be departing from her role after three years in the position.
She initially joined Clime in 2020 as the former CEO of Madison Financial Group, which was sold to licensee Infocus in June in a $2 million deal, and was appointed CEO the following year in April 2021.
Donat said: “After four fulfilling years with Clime, I have made the decision to step down as group CEO. Throughout this time, we have navigated an evolving market landscape, and I am proud of the resilience and dedication our team has shown. Together, we have achieved considerable progress in key areas.”
The firm has since announced it will be led by Baragwanath, having been appointed as a director on 1 July.
AUTHOR
Laura Dew
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