Booktopia founder requisitions board purge

Booktopia’s ousted CEO and founder, Tony Nash, is planning to remove the directors who removed him from the company last month.

The ASX-listed group reported on Thursday that Nash had used his substantial shareholding to requisition a shareholder meeting to remove two non-executive directors, including chairman Chris Beare, and appoint Abigail Cheadle to the board.

“Tony Nash Enterprises Pty Ltd proposes to call, and arrange to hold, an extraordinary general meeting of the company for the purpose of considering, and if thought fit, passing the following resolutions,” Booktopia said in a statement to the ASX.

Nash has a 14 per cent stake in Booktopia, Australia’s largest online bookseller.

The statement said the resolution calls for the removal of two of the four non-executive directors – Beare and Su-Ming Wong – and any other directors appointed from August 17 to the end of the meeting, other than Cheadle.

“The company will make further announcements in relation to the extraordinary general meeting in due course,” it said.

The Booktopia board forced Nash to step down from his role as chief executive last month and asked that not work in the office during his notice period.

Booktopia’s chief financial officer, Geoff Stalley, has stepped in as its interim CEO.

In May, the company said Nash would step down from the CEO role when a replacement was found, with Nash intending to stay on in an executive role overseeing the group’s strategy.