Blue Sky CFO resigns

Written on the 18 March 2019 by Business News Australia

Blue Sky CFO resigns

Just a few days after embattled investment group Blue Sky appointed its long-awaited new CEO the company has lost its CFO.

Elizabeth Walker has resigned as Blue Sky chief financial officer for personal reasons, effective 5 April 2019.

Walker was appointed just over two months ago in December 2018. Previously she was the chief financial officer at RPG Developments.

Blue Sky's new CEO Joel Cann will oversee the appointment of the next CFO.

The investment group has also appointed the current chief risk officer Andrew Werro as chief operating officer from 5 April. As COO Werro will lead the company's finance, risk and compliance functions.

Last week Blue Sky announced the appointment of Joel Cann as CEO, 11 moths after ex-CEO Rob Shand resigned in the midst of Blue Sky's tumultuous 2018.

Prior to his appointment at Blue Sky Cann was the CEO of property company Aspen Group where he managed the rehabilitation of the company.

The company has struggled to truly turn its fortunes around after a damning report by US-based short seller Glaucus was released.

The investment firm's shares plummeted in 2018 after Glaucus said the business overstated its fee assets under management while charging expensive fees to investors.

When the Glaucus report was released Blue Sky shares were trading at around the $11.50 mark. Currently they are trading at just $0.64 per share.

An investment from global capital manager Oaktree proved to be somewhat assistive for Blue Sky, but could not bring the company's share price back to its former glory.

Oaktree is a global investment manager specialising in alternative investments just like Blue Sky. The company has USD$122 billion in assets under management and over 900 employees in 18 cities worldwide.

However, the asset manager revealed in February that it may not be able to meet the relevant repayment requirements agreed to as part of the Oaktree loan. As such Blue Sky says it is in discussions with Oaktree to negotiate a way forward.

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