GetSwift founder and chief executive Joel MacDonald has stepped down from his role at the head of the company, as the saga surrounding the troubled logistics startups continues.
Announced as part of a wider board reshuffle, MacDonald will be replaced by chairman and executive director Bane Hunter, but will continue on as an executive director and serve as president of the company. A former AFL football player, MacDonald founded GetSwift in 2014, spinning it out of a alcohol delivery startup called Liquorun.
However, numerous investigations into the business’s compliance and disclosure practises in recent months revealed widespread concerns with the startup and has prompted two class action lawsuits. Prior to this, the company had raised over $100 million from investors, with its share price hitting an all-time high of $4. GetSwift’s last trading price was at 41c.
The company has also appointed two new directors to the board, Michael Fricklas and David Ryan, who it says are directors with “extensive and distinguished governance”.
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“We feel that not only is the experience right, but the chemistry is right, to assist us with both our growth and our implementation of the more sophisticated governance practices of larger companies. We are all looking forward to working together to make GetSwift the most successful company in its field,” Hunter said in a statement.