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Rex’s former executive chairman, Lim Kim Hai, has launched an audacious bid to remove long-serving leader John Sharp from the board.
In a statement to the ASX, Rex said Lim is seeking to remove four directors, including Sharp, and appoint two new ones in his capacity as a shareholder with a more than five per cent stake in the airline group.
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The apparent boardroom coup comes weeks after Lim stepped back from his role and both Sharp and chief operating officer Neville Howell were promoted. Sharp held his previous role as deputy chairman for 20 years and effectively led the company in Australia.
Aside from Sharp, Lim is seeking the removal of Lee Thian Soo, Ronald Bartsch, and Jim Davis as directors of Rex, and the appointment of businessmen Lim Kang Song and Mukul Soul to the board.
Additionally, he is demanding that “any person appointed as a director of the Company on and from 5 July 2024 until the end of the general meeting (other than Lim Kang Song or Mukul Soul) be removed as a director”.
“The notice under section 249D of the Corporations Act was received by the Company on 8 July 2024,” the airline told the ASX.
“The Company will comply with obligations under the Corporations Act and will update the market in due course.”
Rex last month announced the appointment of Neville Howell, the airline’s chief operating officer for the last 10 years, as its new CEO for an initial two-year term, with former deputy chairman John Sharp taking the role of non-executive chairman.
At the time, Sharp said Lim would remain with Rex as a non-executive director and significant shareholder.
“Kim Hai has given extraordinary service to the Rex Group during his time as Executive Chairman. The company has grown from a small regional operator to one of the major aviation businesses in Australia today,” he said.
“On behalf of all of us at Rex, I would like to extend our thanks to him for his leadership and huge effort over the many years he has led the company.”
The airline told the ASX both Howell and Sharp “bring a great depth of experience to the roles to which they have been appointed”.
“All other members of the Rex Board and management team remain in their current roles and will continue to provide valuable support to Mr Howell, Mr Sharp and the Rex business,” the statement read.
“PAG retains a presence on the Rex Board and continues to support Rex. These changes will not affect Rex’s operations or services.”
