Wilson HTM chief resigns following buyout proposal
Separately, it was revealed on Tuesday night Mr Coppin had an interest in acquiring the listed broker, prompting the board to decide it was not appropriate for him to continue running the company.
In April, Wilson's board announced an internal investigation into the claims against Mr Coppin, who has denied the allegations and was co-operating with the board and its advisers.
After being placed in a trading halt on Monday, the company told the market on Tuesday night an independent inquiry had not backed up the claims.
However, it also revealed Mr Coppin had expressed interest in proposing a buyout for the company. "The board and Mr Coppin have agreed it is not appropriate for him to pursue any potential buyout while remaining managing director," the company said in a statement.
"Accordingly, Mr Coppin has resigned to avoid a potential conflict of interest, with his resignation effective immediately."
In Mr Coppin's place, the board appointed Sandy Grant as acting chief executive, the head of priority funds, who joined Wilson in 1992 and has previously been a director.
Chairman Steven Skala said: "Sandy Grant is a respected leader in our business with a breadth of experience." The board said it had not yet received a proposal from Mr Coppin.
The change comes after Wilson has been battered by industry-wide trends squeezing stockbroking profits through lower volumes and skinnier profit margins.
The company's statement said Mr Coppin's time as managing director - he was appointed in late 2011 - had coincided with a "challenging period" for the industry that had prompted the firm to undergo substantial restructuring to improve its financial performance.
Before the trading halt earlier this week, Wilson's share price was 18.5¢, giving it a market value of $19 million.
Frequently Asked Questions about this Article…
Andrew Coppin resigned after the board and he agreed it was not appropriate for him to remain managing director while he had expressed interest in a possible buyout of the listed broker. His resignation was also announced after an independent inquiry into allegations of inappropriate behaviour did not back up the claims; the company said he resigned to avoid a potential conflict of interest, effective immediately.
Wilson HTM launched an internal investigation after two former female staff made complaints. The company said an independent inquiry did not back up the allegations. Mr Coppin denied the claims and cooperated with the board and its advisers during the process.
Yes. The company revealed Mr Coppin had an interest in acquiring the listed broker. The board and Mr Coppin agreed it was not appropriate for him to pursue any potential buyout while remaining managing director.
No. The board said it had not yet received a proposal from Mr Coppin.
Sandy Grant has been appointed acting chief executive. Grant is head of priority funds, joined Wilson in 1992, has previously been a director, and was described by chairman Steven Skala as a respected leader with broad experience.
Wilson HTM was placed in a trading halt on Monday and provided an update to the market on Tuesday night. Before the trading halt earlier in the week, the company's share price was 18.5 cents, giving it a market value of about $19 million.
The company has been hit by industry-wide trends that squeezed stockbroking profits through lower volumes and thinner profit margins. Wilson said Mr Coppin's time as managing director, from late 2011, coincided with a challenging period that prompted substantial restructuring to try to improve financial performance.
Everyday investors should monitor official company announcements for updates on leadership, any formal buyout proposals, and trading status. The board has named an acting CEO and confirmed the investigation outcome and Coppin's resignation, but further market updates could affect share price and investor decisions.
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