Chairman to retire and CEO forfeits bonuses following share price crash
NextDC's chairman and CEO are facing leadership changes and bonus forfeitures following a sharp decline in the company's share price. The fallout stems from community backlash and project delays related to a data center development in Melbourne.
Why it matters
This reflects the growing tension between large-scale digital infrastructure projects and local community interests, impacting corporate governance and investor confidence.
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Share A A A NextDC’s chairman and chief executive have both paid the price for a Melbourne community backlash that sent the data centre operator’s share price crashing last week .
The company announced its chairman Douglas Flynn would stand for re-election at its annual meeting with investors next month but retire once a replacement is in place, and chief executive Craig Scroggie will forfeit millions in bonuses.
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