The Globe and Mail reports in its Tuesday, Sept. 1, edition that Dye & Durham has appointed its fifth chairman in under a year and an interim chief executive officer, as the struggling legal software company faces ongoing governance and debt issues, with its stock reaching record lows.
The Globe's Sean Silcoff writes that Dye & Durham said Monday that chair Mary Filippelli, who joined the board in May, had stepped down for unspecified reasons. She is being replaced as chair by Angela Zhang, a private equity investor from New York, who joined the board in March.
Ms. Filippelli and Ms. Zhang were members of a Dye & Durham board transformation committee, along with one-time chairman Tyler Proud, that took command of the company in June. The committee was struck to replace ousted CEO George Tsivin. As head of the transformation committee, Mr. Proud, the brother of former CEO Matt Proud, effectively led Dye & Durham through the summer.
Chief operating officer Todd Schulte, who joined Dye & Durham this year, has taken over as interim CEO and the transformation committee has been dissolved effective immediately.
Dye & Durham stock has cratered by 94 per cent in the past year.
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