New CBD Online chief calls it quits

Tony Tregurtha has resigned as managing director and CEO of CBD Online just weeks after being formally appointed. He joined the company last year when CBD acquired his e-commerce player Halescom, and will be replaced as an interim measure by Gary Greenbank, who joined CBD early this month as COO.

While Tregurtha intends to remain a director of Halescom, it appears that his departure was associated with CBD's downgrading of Halescom's prospects and a renegotiation of the transaction "in good faith".

A statement released by CBD Online said that the 24.1 million CBD Online shares issued under tranche 1 to the founders of Halescom will be transferred to a new company to be formed by the founders. CBD Online will then acquire the shares in the new company for a nominal amount and then cancel them. Halescom founders will also "abandon their rights to receive CBD Online shares under tranches 2 and 3," the statement said.

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