Pisasale pulls pin on $80k Antaria gig
IT IS mission accomplished for Ipswich Mayor Paul Pisasale and his association with the Perth-based company Antaria.
With the company now profitable, and due to the growth in its market capitalisation, Cr Pisasale has resigned from his non-executive directorship role with Antaria to focus his full attention on the completion of the Ipswich CBD redevelopment.
The resignation will be effective from June 30.
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Antaria's website says it is a specialist developer and manufacturer of advanced material, namely "a transparent zinc oxide based broad spectrum UV absorber for use in the suncare and cosmetics sectors".
Cr Pisasale has a diploma in industrial chemistry from QUT and has worked in government chemical laboratories and was brought on the board due to his expertise in the field and considerable business contacts.
In a notice to the Australian Stock Exchange about Cr Pisasale's resignation, Antaria chairman Rade Dudurovic said that during the mayor's directorship "the company has progressed from loss making to profit and from cash negative to cash positive".
"Since his appointment, the company's market capitalisation has grown by a significant factor," the notice said.
Cr Pisasale earned $80,000 a year from his directorship, which he took up on February 25, 2013. He said the money was not the reason he took on the role.
"I was getting sick and tired of Australian companies going bankrupt and overseas," he said. "When Antaria approached me they were losing a lot of money, but we've turned that around, I've done my job and have saved Australian jobs.
"I made a lot of contacts and it was beneficial for Ipswich, because when you are on a board of directors you meet a lot of company people and it has opened up doors. Now there has been a change of state government it is vital I devote my time to the Ipswich CBD. It needs 100% of my time."
He said it was a shame people with experience did not take on similar roles.
"We just have to send a clear message to the federal government to get behind Australian manufacturing," he said.
Mr Dudurovic said his farewell letter to Cr Pisasale that "you were instrumental in driving cultural change in the organisation, offered strategic insight underpinned by your chemical industry background and leveraged your international contact base to assist in the company's global initiatives."