9 April 2024
Dismissal of Managing Director and New Appointment
Dubber Corporation Limited (ASX: DUB) (Company) announced on 1 March 2024 it had uncovered that Company funds, which were supposed to have been held by a third party trustee in a term deposit on behalf of the Company, may have been misused by either or both the Company’s Managing Director and CEO, Steve McGovern and the trustee.
The Company immediately commenced an investigation into the matter and suspended the employment of Mr McGovern pending the outcome of that investigation.
From the investigation conducted to date, it is alleged that Mr McGovern and the trustee were likely involved in the unauthorised use of those funds, including for purposes which were not for the Company’s benefit.
As a consequence, the Company has today terminated the employment of Mr McGovern with immediate effect.
Mr McGovern has also ceased to be a director of the Company.
The Company will undertake further investigations into the matter as part of its efforts to pursue recovery of the funds.
Executive Director, Peter Pawlowitsch, will remain in the role of Acting CEO until a permanent CEO commences in the role.
The terms of Mr Pawlowitsch’s appointment are set out in the annexure to this announcement.
Separately, the Company is pleased to announce an addition to its executive leadership team with the appointment of David Coventry to the role of Deputy CEO.
Mr Coventry boasts over 30 years’ experience in the Australian and global technology and telecommunications industries, having been a director, chairman or senior executive at several companies, including at Telstra and Optus.
Prior to this Mr Coventry was also a partner in a successful listed technology start up, Volante Group. He has completed the Australian Institute of Company Directors (AICD) and HP Executive Management program at INSEAD in France.
His appointment is for a fixed term of six months, with flexibility to extend that tenure by mutual agreement.
The Company is finalising the structure and terms of an equity capital raising to replenish its balance sheet, as first announced to ASX on 15 March 2024, and expects an announcement will be made in this regard later this week.
This announcement has been approved for release to ASX by the Board of Directors.
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