Althea has dismissed its long-serving chief financial officer, Robert Meissner, over alleged administrative errors — just days after he was relieved of his company secretary duties.
In a brief statement, Althea said it "announces the termination of its chief financial officer with immediate effect".
The company offered no explanation for the move.
However, chief executive Josh Fegan later confirmed that Meissner was let go following a series of alleged administrative oversights that have created serious problems for the company.
Non-executive director Alan Boyd will take on the CFO responsibilities while Althea conducts a search for a permanent replacement.
Althea, which is facing potential Federal Court sanctions for failing to lodge mandatory notices with the ASX, had removed Meissner as company secretary last week while announcing he would stay on as CFO.
"The board thanks him for his continued dedicated and contributions to AGH," the company said last Thursday.
Since then, however, additional administrative oversights have reportedly come to light that led Althea to conclude his position had become untenable.
Fegan said the board had lost confidence in Meissner, though he emphasised that the issues in question were limited to "company secretary administration issues".
Meissner first joined Althea as CFO in October 2018 and took on the company secretary role in April 2019.
The cannabis company has endured a difficult stretch after voluntarily suspending its ASX listing following its failure to publicly disclose mandatory cleansing notices.
An internal review uncovered multiple breaches after the company was initially alerted to a single lapse connected to a placement in July.
Shareholders also voted against a proposal to issue attaching share options to an investor who took part in that placement.
