Ousted Martin to Altium Board: Not So Fast Print E-mail
Written by Mike Buetow   
Tuesday, 23 October 2012 12:38

SYDNEY -- Former Altium chief executive Nick Martin, ousted last week in a boardroom power play, is not going quietly.

Martin, the founder and largest shareholder of the printed circuit board CAD vendor, asked the Altium board to convene a general meeting and gave notice that he intends to file shareholder resolutions to remove most of the sitting directors.

The Altium board let Martin go on Oct. 15 after disagreements as to the company's financial performance and shareholder returns. It named executive vice chairman Kayvan Oboudiyat CEO.

In his letter, Martin called for the immediate removal of Oboudiyatbe, his lieutenant for 15 years, along with four other directors.

Separately, Altium's board indicated Martin's lawyers also said that "on no basis could it fairly be said the Martin 'stepped down from his positions with the company,' " a reference to the company's statement on Martin's ouster. His lawyers charged that the termination and subsequent naming of a successor were invalid.

The uproar has the potential to scuttle financial gains Altium has made over the past year. Altium swung to profitability in its most recent fiscal year, ended June 30, following a move to Shanghai from its longtime home in Sydney. For the year, Altium's revenue rose 14% year-over-year to $55.2 million, and the company reported an-after tax profit of $6 million, up from a loss of $7.1 million the year before. Moreover, on Oct. 18, Altium reported September quarter sales rose 7% to $11.4 million, and its cash on hand more than doubled to $12 million.

Not on 'Board' Nick Martin

 

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Last Updated on Tuesday, 23 October 2012 13:28
 

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