Ex-CEO unveils alternative board for Smiles
OUSTED Smiles Inclusive CEO Mike Timoney has unveiled his alternative board including the ex-boss of Officeworks as he battles for control of the beleaguered Gold Coast dental group.
Mr Timoney, who owns 17 per cent of Smiles stock, and ex-chairman David Herlihy have called a meeting on May 22 to remove new chairman David Usasz and executive director Tracey Penn.
They say they have “grave concerns regarding ongoing corporate governance issues” and have put forward the names of four new directors to “strengthen the board”.
As well as the previously announced paediatric dental specialist Dr John Camacho, they have also put forward Mark Ward, Hugh Amoyal and Vincent Fayad.
Mr Ward was managing director of Officeworks from 2007 until stepping down earlier this year while Mr Amoyal led research agency Ipsos Australia between 2008 and 2013.
Mr Fayad led the corporate finance group at PKF (now part of consultancy BDO) before launching his own advisory firm.
Mr Timoney said the group had the ability to emulate the success of dental groups worldwide. “We are fortunate to have secured the skills of highcalibre executives who are leaders in their respective fields – retail, consumer, dental and finance,” he said.
Last month Mr Timoney said “renegade directors” led by Mr Usasz made threats, through his advisers, to sack him and remove him as a director if he proceeded with his motion at the coming meeting.
He said it was an “abuse of power” designed to prevent the exercise of shareholder rights.
However, Mr Usasz denied any threats were made against Mr Timoney. He said he had merely advised Mr Timoney and his adviser they were investigating him over a number of unspecified issues.