BidEnergy chairman Andrew Dyer to step down after rocky tenure
BidEnergy said former Crown chief financial officer Geoff Kleemann would become interim chairman effective immediately.
Andrew Dyer will step down as chairman of tech outfit BidEnergy after a 16-month tenure marred by an ugly dispute with predecessor James Baillieu and share price volatility.
Mr Dyer, who is also the National Wind Farm Commissioner, has signalled his intention to retire from the ASX-listed company, with his formal departure date set on June 30. But in a statement to the ASX, BidEnergy said former Crown chief financial officer Geoff Kleemann would assume the role of interim chairman, effective immediately.
The Australian understands the past year had been marked by shareholder discontent, with BidEnergy’s shares slumping from $1.34 in February last year when Mr Dyer was appointed chair, to 49c in August, before rebounding to $1.38 and nosediving again when COVID-19 struck in February.
Following news of Mr Dyer’s retirement, BidEnergy’s shares shed a further 4.38 per cent to close at 66c on Wednesday. On Thursday they shed another 3.8 per cent to 63c, outpacing the benchmark’s 3.1 per cent loss.
Managing director Guy Maine said in February that 2019 was a “breakthrough year for the business”, which uses cloud-based technology to help companies manage their energy outlay. It launched its first facility management “white label” product with Cushman & Wakefield, while its Robotic Process Automation product suite delivered new contracts with iSelect, Origin Energy and others.
But the past year also saw a bitter dispute arise between Mr Dyer and the man he replaced, Baillieu family scion James Baillieu, who oversaw BidEnergy shares surging from 7.5c to a high of $1.72 shortly before his departure.
Mr Baillieu, the nephew of former Victorian premier Ted Bailieu, sued BidEnergy after his removal, alleging the company had misled the market over Mr Dyer’s credentials and his prior experience at BidEnergy.
Meanwhile, Mr Dyer took out an intervention order against Mr Baillieu to try and prevent him from emailing BidEnergy directors and executives, as their corporate war turned more hostile.
At the peak of hostilities, the two men were engaged in legal proceedings before three separate courts. The two parties struck a confidential settlement in March in regard to Mr Baillieu’s legal action. The Australian understands the matter regarding the intervention order has also since been settled.
BidEnergy’s board paid tribute to Mr Dyer, saying: “Andrew joined the board of the company in July 2018 and was elected chairman in February 2019. Throughout his tenure with the company, Andrew has made invaluable contributions to the growth of BidEnergy’s business through his leadership and guidance.”
Mr Kleemann, who joined BidEnergy’s board last September, has assumed the role of interim chairman while the company undertakes a formal process to replace Mr Dyer.
“Geoff brings to the board a wealth of experience from his previous board and senior finance management roles with well-known Australian businesses, including as chief financial officer for Crown Limited, Publishing and Broadcasting Limited and Woolworths,” the board said.
“Under Geoff’s leadership, the company will undertake a formal process for the recruitment of a replacement chairman and an additional director to join the board, with a key focus on candidates with relevant experience in scaling fast growing technology platforms in BidEnergy’s key growth markets being Australia, New Zealand, UK, Europe and the US.”