Althea has sacked its long-standing chief financial officer, Robert Meissner, for alleged administrative errors just days after he was replaced as company secretary.
In a terse statement, Althea said it “announces the termination of its chief financial officer with immediate effect”.
No reason was given for the decision.
However, chief executive Josh Fegan later confirmed to Cannabiz that Meissner was removed following a series of alleged administrative oversights that have landed the company in hot water.
Non-executive director Alan Boyd will step into the CFO role while a search begins for a replacement.
Althea, which is facing potential Federal Court sanctions for failing to lodge mandatory notices with the ASX, last week replaced Meissner as company secretary, but said he would remain as CFO.
“The board thanks him for his continued dedicated and contributions to AGH,” the company said last Thursday.
However, it is understood other administrative oversights have since come to light that Althea believed made his position untenable.
Fegan said the board lost trust in Meissner, but stressed the oversights only related to “company secretary administration issues”.
Meissner joined Althea as CFO in October 2018 before adding company secretary to his remit in April 2019.
Althea has faced a bruising period after voluntarily suspending itself from the ASX following its failure to publicly release mandatory cleansing notices.
An internal review identified several instances of breaches, having been alerted to a single lapse relating to a placement in July.
Shareholders also voted down a plan to provide attaching share options to an investor who participated in a placement.
