Chocolatier Yowie Group (ASX:YOW) has today announced that Glen Watts has decided to resign as a director and that Neville Bassett has agreed to join the board.
Mr Watts decision came despite the company releasing a statement on July 29 which said the board did not support the removal of Mr Watts and recommended shareholders vote against his removal at a meeting to be held today at the request of Keybridge Capital.
Mr Bassett has been Yowie’s company secretary since November 2013 and will serve as a director in an interim capacity whilst the Company conducts a search for and has discussions with its major shareholders about a permanent replacement.
The news comes amid a tumultuous period for the company, last week Aurora Funds Management abandoned its bid for Yowie and said it would instead support winding up the confectionery company if management could not turn the business around in the near term.
Shares in Yowie Group (ASX:YOW) are currently in a trading halt and last traded at 7 cents.