Risk management and safety firm SAI Global has terminated current CEO Stephen Porges, as it appoints a new executive chairman and receives a takeover offer from a private equity firm.
The company announced today the appointment of non-executive chairman Andrew Dutton as an executive chairman, with his very first move the firing of Stephen Porges.
According to Dutton “the decision to terminate Porges’ contract of employment was reached after it had become clear that there were fundamental differences of opinion between him and the Board”.
“These differences primarily concerned both the detail and the pace of implementation of the company’s strategic business improvement objectives,” SAI said in a company statement.
“Last week it became clear to the Board that we were unlikely to resolve the differences between the non-executive directors and the CEO regarding the changes required and the pace of those changes to deliver the business improvements that we are seeking over the short to medium term,” Dutton said.
“As a result, the Board has determined that the course of action that is in the best interests of the shareholders is to terminate Porges’ employment with the company with the company.”
The company is also looking to cut jobs across its operations, as it reduces headcount and consolidates some of its offices.
SAI Global has also received a takeover offer from Pacific Equity Partners, offering between $5.10 and $5.25 for all of the company’s outstanding shares.
While SAI has not decided on a course of action, it has stated it is open to engaging with PEP, appointing Macquarie Capital and Gilbert & Tobin to assist in the process.