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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.
More here:
- Joel Cann takes the reins at Blue Sky
- Blue Sky's restructure continues to hit the bottom line hard
- Blue Sky in the red in H1
- No earnings guidance from Blue Sky with board change underway
- Oaktree saves Blue Sky with $50m investment
- Blue Sky in discussions to receive lifeline from US investment firm
- Rough trot continues for Blue Sky with poor results
- Lenard's back in founder's control after Blue Sky takes flight
- Blue Sky bounces back in June
- Blue Sky darkens on latest $60 million hit and share price freefall
- Blue Sky in trading halt ahead of major review
- Blue Sky confirms KPMG to carry out comprehensive review
- Brisbane's Top 50 Companies 2018 revealed
- Blue Sky turmoil continues with board purge, further share slide
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