Genetic Technologies searching for new CEO

Genetic Technologies (ASX:GTG) has commenced the hunt for a new CEO following the unexpected resignation of Alison Mew, and has won shareholder approval to change its name to Phenogen Sciences.

Mew has announced she will step down at the end of the year for health-related reasons. The company will search internationally for a replacement.

“The board is extremely disappointed to have to announce Ms Mew’s resignation and, though regretful, the board fully understands and supports her decision to step down,” Genetic Technologies chairman Dr Mal Brandon said.

“Ms Mew has played a key role in the establishment of the company’s US operations along with securing the Australian laboratory’s US compliance, and most recently the successful launch of the second-generation breast cancer risk assessment test BREVAGen Plus.”

As a response to the resignation, Genetic Technologies has also appointed current CFO Eutillio Buccilli to the dual role of CFO and COO.

Senior VP for sales and marketing of Genetic Technologies’ US operating company, Phenogen Sciences, will meanwhile take the role of president.

Genetic Technologies is refocusing operations around its US business, which involves molecular diagnostics products and services including BREVAGenplus. The company recently sold its Australian genetics business for $2 million as part of this restructuring.

At the company’s AGM yesterday, shareholders voted to approve officially changing the company’s name to Phenogen Sciences.

Shareholders also voted to approve the issue of options to subscribers of the company’s convertible notes. In line with this, the company plans to offer a share purchase plan to existing subscribers, at a price to be determined at a later date.

Genetic Technologies (ASX:GTG) shares were trading unchanged at $0.014 as of around 1 pm on Wednesday.