The former boss of Australia’s Regional Express (Rex) is attempting to oust most the airline’s board, in a surprise move that comes a month after he stepped down from its leadership team.
On 12 July, the airline says in a stock exchange filing that it was made aware that Lim Kim Hai, one of the airline’s founding directors, filed a notice to remove four of the airline’s six directors.
The four men are airline chair John Sharp; non-executive director Lee Thian Soo; as well as independent directors Richard Bartsch and Jim Davis. Bartsch is also a director of Dovetail Electric Aviation, an alternative propulsion start-up in which Rex holds a 20% stake. The only director that Lim did not ask to remove is Lincoln Pan, who hails from private equity firm and Rex investor PAG Asia Capital.
Rex, in response to the notice, says it will “comply with obligations” under Australia’s Corporations Act. It will call a special shareholder meeting to vote on Lim’s demands to remove the four directors.
On 12 June, Rex announced Lim was stepping down as executive chair, handing over the reins to Neville Howell who was the airline’s operating chief. Sharp, who was previously deputy chairman of the airline, was appointed non-executive chair. Lim remained as a non-executive director and major shareholder of the company.
