Tony Bellas steps down as Corporate Travel Management chairman

Tony Bellas steps down as Corporate Travel Management chairman

Corporate Travel Management (ASX: CTD) chairman Tony Bellas has announced his sudden retirement, with Ewen Crouch to take over effective from Monday.

Bellas has been chairman of Corporate Travel Management for 10 years and has overseen the company's rapid growth from listing on the ASX in 2010 with a $70 million valuation to its current market capitalisation of $2.7 billion.

Corporate Travel Management succession process for Bellas began in September, 2018. Bellas retired at the Annual General Meeting on October 31, 2018, but agreed to be re-appointed to the role on a temporary basis until a permanent appointment.

"Tony Bellas has made an exceptional contribution to the success of Corporate Travel Management and we thank him for his leadership, guidance and the commitment he has given to the company," the company's founder and managing director Jamie Pherous said in an ASX statement.

The announcement comes just days after the company was queried by the ASX over the transfer of company shares worth $4.5 million from a super fund. The beneficiaries were Bellas and his ex-wife Maria Bellas.

As part of the Bellas' divorce proceedings, a court ordered the funds be transferred and Tony Bellas signed documents to ensure the future transfer of those shares.

However, Tony Bellas reportedly believed the court order contained an error which would delay the transfer of shares. However, the shares were in fact transferred in February and Bellas said this happened without his knowledge.

This was in breach of ASX rules in which the market should be notified within five days of such transactions.

On Monday, Corporate Travel Management issued a statement saying that it did not believe disciplinary or remedial action was necessary.

The incoming chairman, Ewen Crouch, is currently a director of Westpac and BlueScope Steel. From 1988 to 2013 he was a Partner at Allens and was a member of the firm's board for 11 years.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

AI-driven Evitat platform creates pathway to a more sustainable building and renovation industry
Partner Content
Evitat, an AI-driven data platform, is empowering design and build professionals in the...
Evitat
Advertisement

Related Stories

SEEK hit by $141m impairment for Chinese jobs site Zhaopin

SEEK hit by $141m impairment for Chinese jobs site Zhaopin

Online employment marketplace SEEK (ASX: SEK) has taken a hit from ...

"End of an era": me&u founder Stevan Premutico steps down from board

"End of an era": me&u founder Stevan Premutico steps down from board

Stevan Premutico, a pioneer in QR code restaurant ordering and digi...

ANZ is embroiled in allegations it manipulated government bond sales – what exactly does that mean?

ANZ is embroiled in allegations it manipulated government bond sales – what exactly does that mean?

ANZ is being investigated by the Australian Securities and Investme...

ASX biotech minnow Hexima raising $4m to buy and become autonomous intelligence company RealThing

ASX biotech minnow Hexima raising $4m to buy and become autonomous intelligence company RealThing

More than two years after losing 87 per cent of its value in a sing...