Mark Hutchison, the chief executive officer of embattled training provider Vocation, has finally resigned after months of speculation his head was on the chopping block.
In a statement to shareholders, Vocation’s new chair, Doug Halley, revealed Hutchison had indicated his intention to step down to the board and would resign after a replacement was found.
“The board thanks Mark for his contribution to the formation of the group and his work as group chief executive, as well as the integrity and commitment he has shown to the company during difficult circumstances,” Halley said.
The troubled company also disclosed to shareholders a $27 million bottom line loss for the first half of the 2014-15 financial year, after its third trading halt since October 2014.
Queensland restaurant fined $15,000 for not back paying apprentice
Absynthe Restaurant in Surfers Paradise has been fined $12,750, and its owner Meyjitte Boughenout a further $2550, for failing to back-pay a teenage apprentice.
The Fair Work Ombudsman brought the matter before the Federal Circuit Court last year, after claiming both Boughenout and his company ignored multiple requests for the business to respond to a compliance notice to reimburse an 18-year-old apprentice chef the $4195 of back-pay he was owed.
Judge Michael Jarrett found Absynthe Restaurant and Boughenout had “demonstrated a deliberate disregard” for workplace laws by failing to comply and had shown no contrition or remorse.
The judge said the penalty “serves as a warning to others” that ignoring compliance notices “may come with a heavy price”.
Shares bounce back on open
Australian shares have recovered from early losses this morning.
“Investor led support for Australian shares is in evidence again this morning as the Australia 200 index outperforms early indications of a greater than 1% fall in trading today,” said Michael McCarthy, chief market strategist at CMC Markets.
“After dropping 37 points at the open, buying of property trusts, consumer stocks and iron ore miners lifted the index back into the green.”
The S&P/ASX200 benchmark was up 3.2 points to 5556 points at 11.55AM AEDT. On Wednesday, the Dow Jones closed down 1.13%, falling 195.84 points to 17,191.4 points.