Avada loses CEO under 6-month notice
By Brie CarterKey points
- Avada CEO Donald Montgomery resigned to return to Perth for personal and family reasons.
- Avada shares remained unchanged at $0.079 following the market update.
- The board started an executive search to find a replacement while executing leadership succession.
Traffic management operator Avada (ASX:AVD) announced that CEO Donald Montgomery tendered his resignation under a 6-month notice period.
The executive departure follows a broader turnaround program where the company lifted statutory revenue to $209.8 million.
“The board is very disappointed that we will be losing Don at this time; however, we completely understand and support his decision in giving priority to the needs of his family,” said Avada Chairman Lance Hockridge.
Montgomery will remain actively engaged across the 6-month handover window to support succession planning and operational continuity.
Following the announcement, the Avada share price was unchanged at $0.079.
The traffic services provider stated that recent management initiatives stabilized business operations and advanced strategic plans to lift underlying earnings.
The board confirmed an external search program is underway to appoint a new CEO.
