Glenn Raines to step down from CFO role as Mayfield boost governance capabilities

Mayfield Childcare has confirmed that Glenn Raines, its long-standing Chief Financial Officer, has tendered his resignation and will be stepping down from his position.

Mr Raines joined Mayfield in November 2016 and was part of the senior leadership team when the business listed on the Australian Stock Exchange shortly thereafter. 

“The Board thanks Glenn for his contribution to the Company since its inception in 2016. The last nine months has been an intensive period for management – the Board appreciates Glenn’s efforts during the period and wishes him all the best for his future endeavors,” said David Nialls, Mayfield Chairman. 

A search for Mr Raines replacement has commenced. 

The company also confirmed that, in light of recently announced investigations into prior period misappropriations and misallocations of company funds, the Board has committed further resources to improve corporate and financial governance capabilities. 

This includes the creation of a new financial controller role who will be charged with assisting in the company’s financial processes and obligations. The new position has been filled with a start date of 12 June 2023 agreed. 

In addition, Mayfield has committed to engaging an external advisor to conduct a governance review which will include a review of existing board policies and procedures, risk management frameworks, and to assist with developing a skills matrix to steer future director appointments. 

To read the ASX release, click here.