Chill Brands announced that co-founders Trevor Taylor and Antonio Russo will resign from the board by the end of the third quarter.
The company has scheduled a general shareholder meeting for June 4.
Chill Brands recently suspended its chief executive, Callum Sommerton, noting that he played no role in organizing the meeting or drafting the accompanying shareholder letter.
In their statement, the Board mentioned that they were unaware of Sommerton’s voting intentions at the upcoming general meeting.
Taylor and Russo, who joined the board in 2020, will step down by September 30, 2024, according to Chill Brands. The company will announce their replacements in due course.
Their departure is part of boardroom changes initiated in April by Jonathan Swann of CFC Underwriting, who owns a 13.45% stake in the London-listed company. At that time, Swann proposed replacing Russo and Taylor with Graham Duncan and Aditya Chathli.
Shares of the standard-listed vaping products group rose 17% today to 2.7p.
