NEW YORK (GenomeWeb News) – Paul MacLeman, CEO of Australian firm Genetic Technologies, and other members of the firm's board and executive team resigned Tuesday following the firm's annual general meeting.
The resignations came after Chairman Mel Bridges and Director Huw Jones were not re-elected to the firm's board. Those two will leave the board along with Director Greg Brown, who resigned following the results of the voting even though he was re-elected. David Sparling, VP of legal and corporate development for the firm, also tendered his resignation.
GenomeWeb Daily News was unable to receive additional information and comment from Genetic Technologies by the time this article was published. However, the website of Australia's national newspaper, The Australian, reported that Genetic Technologies Founder Mervyn Jacobson had used his 29 percent stake in the firm to block the re-elections of Bridges and Jones.
"Dr. Bridges said it is regrettable that a company with the potential of GTG was unable to reach middle ground with its major shareholder," Genetic Technologies said in a statement posted on its website.
Genetic Technologies sells the BrevaGen breast cancer risk stratification test. The firm recently reported a 50 percent decline in first-quarter revenues.