IMC 6.67% 7.0¢ immuron limited

News: IMC Resignation Of CEO & Director And Cost Cutting Amidst Covid-19

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    March 25 (Reuters) - Immuron Ltd (IMC) :

    • RESIGNATION OF CEO & DIRECTOR AND COST CUTTING AMIDST COVID-19
    • IMMURON LTD - BOARD BELIEVES THIS IS MORE A REFLECTION OF WHOLESALE RESTOCKING BY DISTRIBUTORS RATHER THAN END SALES TO CONSUMERS
    • IMMURON LTD - CEO GARY S. JACOB HAS OFFERED HIS RESIGNATION AS CEO AND MEMBER OF BOARD OF IMMURON
    • IMMURON LTD - JACOB WILL BE REPLACED AS CEO BY DR. JERRY KANELLOS
    • IMMURON LTD - ADDITIONAL ACUTE STEPS ARE BEING IMPLEMENTED WHICH WILL SEE EITHER DISAPPEARANCE OR SIGNIFICANT REDUCTION IN EXTERNAL CONSULTANT COSTS
    • IMMURON LTD - DIRECTORS TO ESTABLISHMENT OF REMUNERATION MODEL WHICH WILL UTILIZE PAYMENT OF BOARD FEES OTHER THAN BY MONETARY RECOMPENSE
    • IMMURON LTD - CHANGES ARE EXPECTED TO REDUCE CASH OPERATING EXPENSES BY OVER $2 MILLION ANNUALLY EFFECTIVE FROM APRIL
 
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