The new board of Yowie Group (ASX: YOW) has revealed the beleaguered confectionery company has been operating without a CEO since corporate raider Nick Bolton stepped down as a director on 18 June.
Late last month Geoff Wilson's WAM Active (ASX: WAA) fund finally won a long battle with Bolton's Australian Style Group (ASG) for board control of Yowie, where Bolton had been on an annual salary of more than $800,000.
Bolton and John Patton, who were CEO and executive chairman respectively at the time, resigned from their directorships at Yowie in June ahead of a shareholder vote on the board's future, instigated by Wilson-controlled substantial shareholder Keybridge Capital (ASX: KBC).
Even though Wilson had kicked Bolton, Patton and another director off the Keybridge board in February through a vote that was validated by a court in March, in June Yowie announced the pair would be stepping down to avoid conflicts of interest.
This was based on the assertion that Bolton was still CEO of Keybridge, and that Patton was its non-executive director.
Yowie claimed at the time that having a reduced board that was "entirely independent to Keybridge" represented best practice governance standards at the company, which was in the midst of a takeover offer for Keybridge that ultimately failed while it sought to recoup a $6.6 million loan based on funds transferred when Bolton was CEO of both companies.
That release said nothing about Bolton or Patton being relieved of their executive duties at Yowie.
However, today under new board leadership Yowie has revealed that Bolton's position as CEO, and Patton's as executive chairman, were "automatically terminated" when they stepped down as directors.
Yowie has today confirmed that Jesse Hamilton, one of five new directors, has been appointed as company secretary, replacing Patton whose position in the same role ceased on 7 July.
"For completeness, the Company confirms that to the extent that Mr Bolton, Mr Patton, or any of their entities were to (incorrectly) assert any other engagements with the Company or its subsidiaries, these were also terminated with immediate effect on 7 July 2025," the company states.
How the Keybridge and Yowie saga has played out
13 March 2019: Investment firm launches $20 million takeover bid for Yowie
3 May 2019: Keybridge ditches takeover of underperforming Yowie
30 July 2019: Corporate raiders come knocking at Yowie's door
5 August 2019: Yowie escapes coup as Bolton and Khan clash over Keybridge
20 September 2019: Setback for Farooq Khan in bid to oust Nicholas Bolton from Keybridge Capital
14 October 2019: Bentley backs Wilson's takeover bid for Keybridge
15 October 2019: Nicholas Bolton bolstered in battle for Keybridge
9 December 2019: Orders sought against Wilson and Bentley over Keybridge shares
16 December 2019: Wilson lowers takeover offer for Keybridge
8 January 2020: Bolton's Keybridge Capital receives yet another takeover offer
22 January 2020: Board directors ousted in Keybridge shake-up
29 April 2020: As Keybridge shakes up Yowie, Wilson shakes up Keybridge
3 June 2020: Keybridge hits Wilson with lawsuit, Catalano offers to buy shares back at a premium
5 June 2020: Wilson slams Catalano's "opportune" Keybridge share buy-back offer
30 June 2020: Keybridge launches takeover bid for RNY Property Trust
6 July 2020: ASIC grants Wilson permission to proceed with Keybridge takeover
13 July 2020: Catalano improves his offer for Keybridge shares
27 July 2020: Keybridge returns to the Takeovers Panel to block Wilson bid
2 September 2020: Legal costs weigh down Keybridge Capital
14 October 2020: Nicholas Bolton launches third attempt to secure seat on Yowie board
4 January 2021: Wilson triumphs over Bolton's Keybridge Capital in the Supreme Court
31 August 2023: Yowie plucks one of Australia's oldest chocolate companies Ernest Hillier from administration
2 January 2024: Keybridge Capital eyes $10.8m cash kitty with $7.4m takeover bid for Yowie
15 April 2024: Nicholas Bolton's Keybridge becomes majority owner of Yowie
23 May 2024: Corporate raider Nicholas Bolton appointed CEO of Yowie Group
10 February 2025: Keybridge appoints administrators after investee Yowie calls in $4.6m loan
1 April 2025: Corporate raider Nicholas Bolton kicked off Keybridge board in coup for Geoff Wilson
11 April 2025: Yowie faces $5.8m tariff blow as Keybridge loan woes linger
9 May 2025: Yowie moves on Keybridge as Bolton ousted in corporate shakeup
26 May 2025: Nicholas Bolton tries to block Keybridge meeting aimed at removing him from Yowie board
4 June 2025: Bolton dilutes rival Wilson’s Yowie shares to lift chance of survival before board spill meeting
6 June 2025: Keybridge secures $9.3m bridging loan from Wilson as war for Yowie control rages on
17 June 2025: Takeovers Panel rebuffs Yowie's attempts to stall vote on board overhaul
30 June 2025: Geoff Wilson wins fight for control of Yowie, where Nick Bolton's leadership hangs by a thread
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