Publicly listed smart locking software vendor TZ Limited has appointed John Wilson as its new chief executive and managing director amid a scandal that has seen one former director jailed and another charged with fraud.
Along with Wilson’s appointment, the company’s restructuring also sees the retirement of Mark Bouris as executive chairman and the appointment of Graham Lenzner as an additional non-executive director.
“As one of the founders of the company’s business and as a proponent of the technology vision, John Wilson has provided consulting services to assist the board and management across all areas of the business over the last five years,” Bouris said.
Serving as an independent director, Graham Lenzner was previously executive director of the Armstrong Jones Group, and also held positions with Aquila Steel, MMI Insurance, and Schroder Darling Management.
He also holds board positions for a number of public and private companies, and is serving as the chairman and independent director for Device Technologies and 360 Capital Group, respectively.
“I’m satisfied that this is a good time to retire after eight years as the executive chairman of TZ and I am happy to say that the TZ business can now be ably run by a very good management team,” said Bouris, who will continue serving as the non-executive chairman. “It’s all a part of the evolution of TZ limited and it is an appropriate time to restructure the board and the management team.”
TZ Limited has been embroiled with legal troubles, specifically involving two former directors. John Falconer, previously the company’s CFO, was charged with defrauding TZ Limited of $6.25 million earlier this week while former managing director Andrew Sigalla was sentenced to ten years in jail also for fraud.