Gunn, who founded Oliver’s in 2003, has ceased his employment at Oliver’s and is no longer on its board, the company said in a statement on Wednesday.
Oliver’s shares sank 10.3 per cent to 13 cents in early Wednesday trading, less than half its 30-cent listing price from 30 June last year. Gunn remains a personal shareholder with 75,000 shares held and 1 million tied up in options. Further, his associated companies hold more than 45 million shares in the business.
It comes after he stepped down as CEO last month following a review by the board that determined the next stage of the company’s growth would be better shepherded by a more experienced industry figure.
Former Subway UK country director Gregory Madigan was appointed as his replacement and has embarked on an urgent review of the business to stem mounting losses in several key operational areas. Late last month the business slashed its earnings guidance by 54 per cent after a series of botched store openings, some of which were pursued under Gunn’s leadership.
In March the business, which floated on the ASX last year, said Gunn would play an acMove to Trashtive role on its board moving forward. Gunn had said he was supportive of the executive transition, outlining a belief that Madigan was the right person to lead the company into its next growth phase.