Australian shares are set to follow Wall Street higher. OPEC+ extends deep production cuts into next year. Gina Rinehart lifts stake in lithium play. Follow updates here.
Booktopia CEO David Nenke is stepping down from the embattled online book retailer, which has also announce widespread redundancies. David Nenke tendered his resignation this morning will cease to be Booktopia’s CEOImmediately. Booktopia chairman, Peter George, will assume the role of executive chairman and will take on full operational responsibilities for the next 6 months. Tony Nash, also a Booktopia Director, will also assume an executive director role, following Nenke’s departure.
Also as part of the review, Booktopia has secured $1 million in funding to assist in the payment of redundancy related costs through a revolving debt facility with AFSG Capital. Mr George said the sustained volatility of the economic climate, in addition to changing consumer spending behaviours, have continued to contribute to business results that had been “below our expectations”.
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