BSL CEO Guy Houghton has resigned as a director of all BSL subsidiaries, but will continue in his role as CEO of the group.
A statement issued to the Newcastle Stock Exchange this morning, titled: ‘Change to subsidiary boards to allow CEO to focus on core business’, said Houghton resigned as director on 26 April.
“The BSL Board is considering the best structure for the Board of the subsidiary entities. In the meantime, the Chairman of the Board, Mr Patrick Tynan will fill the vacancies on a temporary basis,” the statement said.
In offering his resignation Houghton explained the move was to allow him to focus on the core business of franchising in his capacity of CEO, without the additional requirements of fulfilling 13 subsidiary Board positions.
The 13 Betta Electrical subsidiaries are: Betta Electrical Pty Ltd, Betta Buying Associates, BSL Finance, Betta Stores (Southern), Betta Stores (Northern), BSL (Wholesale), AK Truscott Investments, Truscott Electronics, Truscott Finance, PGA Associates, BSL Rental, Betta Stores Pty Ltd.