This memorandum serves to formally record that the Board of Directors, in coordination with the Persons with Significant Control (PSC), is currently in the process of appointing a new Chief Executive Officer (CEO) and removing the existing CEO from their position. As the board may recall - there are two PSC as the founding members - Vecesco Trebitti and Vincent Dotorri. In the absence of Mr. Trebitti, Mr. Dotorri as a founder holds 20% premium shares and 40% regular of shares in the company. This in effect gives him the voting rights in the company and the right to appoint or remove the majority of the board of directors. He has majority stake and is separately the owner of the Elcano Complex given his purchase. Given the above, Mr. Dotorri has made a motion for the board to bring new leadership in order for the company to reach financial maturity again.
The following actions are underway:
Removal of Current CEO:
The current CEO, Rene Laurent, is in the process of being formally removed from their role. This decision has been taken in line with the company's governance policies and with the consent and participation of the PSC. All necessary documentation and statutory filings related to this removal will be completed and submitted to the relevant authorities in due course. We thank him for his hard work and we know how much he's sacrificed.
Appointment of New CEO:
A new CEO, to be confirmed, is in the process of being appointed. The selection is being overseen by the Board, with the direct involvement and approval of the PSC. The incoming CEO will assume responsibility for the day-to-day operations of the company upon completion of the formal appointment process.
The company will ensure continuity of leadership and minimal disruption to operations during this transition. There will be no disruption in salaries. All internal and external stakeholders will be notified accordingly once the changes are finalized. All NHI assets will receive a routine review.
Please direct any questions or concerns regarding this matter to Nathan Massieri who will be overseeing this transition.
Nathan Massieri
Transition Project Lead
New Horizon Industries
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