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.