The board’s review, conducted up to and including the company’s general meeting held on 12 May this year, concluded in a statement that Ohanessian’s dismissal was “handled inappropriately and was not based on reasonable grounds”.
The previous directors, Greg Camm, Robert Edgley, Andre Carstens and Peter Mahler, made many “exaggerated” and “without foundation” statements and communications about the behaviour of Ohanessian and other matters, the board said.
Praemium chairman Barry Lewin said: “The board is very pleased to reiterate its support for Mr Ohanessian as the reinstated chief executive officer and we look forward to working with him in continuing to drive growth and value for shareholders. Michael is a talented executive with strong integrity, who has led the management team over the entire period of the transformation of Praemium, which has also provided the company with substantial opportunities. He has our complete confidence.”
Ohanessian was reappointed chief executive earlier this month following a shareholder vote to remove the chairman and three directors last week.
