Slater and Gordon legal chief quits after two months
The Slater and Gordon group general counsel Moana Weir has left her post less than two months after taking up the position.
The listed Australian firm confirmed her resignation in an announcement to the stock exchange last Thursday.
Weir (pictured) had only joined as group general counsel and company secretary at the end of January this year, following her predecessor Kirsten Morrison’s relocation to the UK.
Slater and Gordon gave no reason for her resignation, and wished her ‘the best in future endeavours’. Bryce Houghton, group chief financial officer, will be appointed company secretary, while an external adviser will step in to the general counsel role while the firm is ‘reassessing its business needs’.
The resignation comes at a time when the firm is trying to put together a business plan to secure its future.
According to its financial results published last month, the company agreed to deliver an operating plan and restructure proposal to its banking syndicate and financial advisers by the end of this month.
Agreement will then be reached as to amendments, if any, which may be needed to the loan by 30 April. The banks can call in outstanding debts by 31 March 2017 if no agreement is reached.
A spokesman for Slater and Gordon told the Gazette last week there was no update on the reorganisation of the business and its possible effect on staff numbers and offices.
The firm, which employs around 3,800 people in this country, has previously stated the majority of its 27 UK locations will stay open, but it will put in place plans to operate centres of excellence in fast-track personal injury, specialist personal injury and general law services.
The company’s share price, already the subject of two possible class actions from shareholders in Australia, has fallen in value by around 95% in the last year, from a high last April of A$8 to just A$0.235 today. Earlier this month the value fell to a 12-month low of less than 28 cents.