Slater & Gordon GC resigns after two months

Slater & Gordon’s chief in-house lawyer has resigned after just two months in the role.

Slater & Gordon GC resigns after two months
Moana Weir, Slater & Gordon’s newly-appointed chief in-house lawyer resigned on Thursday with immediate effect, the firm said in an ASX statement on Thursday.

The announcement came as Slater & Gordon shares fell to a record low closing price of 25c. A report by the Sydney Morning Herald said the drop valued the company as just $80m (compared to $2.75bn just over a year ago).

Weir agreed to take up the role in October of last year, with the appointment of former Ernest & Young auditor and current Fairfax director James Millar was appointed to the Slater & Gordon board.

In February, she announced a trading suspension prior to the announcement that the company revealed a $958m half-year loss.
Weir, who previously worked in similar positions at Seek and REA Group, will be replaced by the current chief financial officer Bryce Houghton, who replaced Wayne Brown as CFO late last year following a string of accounting errors.

Slater & Gordon has until the end of the week to prove to a banking syndicate led by Westpac and NAB that it has a viable plan to restructure the business, to secure new loan terms.  The firm will be forced to pay back bank loans within 12 months if an agreement isn’t reached.

Shareholder class actions have been announced by rival firm Maurice Blackburn and by a JustKapital Litigations Partners, Woodsford Litigation Funding team and ACA Lawyers partnership.
 

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Eight law firms among top 100 employers Australian graduates seek

Merged litigation funder chooses Omni Bridgeway name over IMF Bentham

Lander & Rogers works on acquisition and related raising

Ropes & Gray ups London NQ pay to £130k

Judge suggests to lawyer that Google wouldn’t miss $2.6 billion…

Macpherson Kelley appoints new Victorian property and construction head

Most Read Articles

Adelaide lawyer wins $750k defamation judgment over Google review

Two top-tier firms act as Federal Court clears $15bn Vodafone-TPG merger

Eight law firms among top 100 employers Australian graduates seek

Clyde & Co scores three partners from global firm