Ohanessian successfully fought back after he was ousted by ex-chairman Greg Camm in February. He requested a shareholder meeting to remove and replace the chairman and three directors.
On 12 May, shareholders voted, excluding abstentions, roughly 53% in favour and 47% against Ohanessian’s resolutions.
Interim agreement
Ohanessian’s re-appointment has been made under an interim agreement, according to a company statement.
If reflects his previous commercial terms as chief executive, except for the reduction in his notice period to 30 days.
The changes have been implemented to allow the new board sufficient time to review Ohanessian’s employment conditions once it has had an opportunity to convene and consider whether the terms and conditions are in line with the market.
Re-establishing momentum
Newly appointment chairman Barry Lewin said: “The board has moved quickly to reappoint Mr Ohanessian under an interim agreement and with the objective of re-establishing momentum to Praemium and its strategy.
“The market will be kept updated on longer term arrangements, but right now the focus of both the board and management is on Praemium’s hard-working team and valued client base.”
Lewin continued: “We are committed to realising the growth opportunities in front of us and delivering strong returns for shareholders.”
Acting chief executive
Robert De Luca had been appointed acting chief executive by Camm shortly after the board sacked Ohanessian.
De Luca’s services were concluded on Monday with thanks from the new board for providing stability and support during the two-month standoff between Ohanessian and the former Praemium management team.
