Being AI CEO David McDonald Steps Down as Director Amid Prolonged Non-Trading Period

Highlights:

• Leadership Change: Being AI co-founder and CEO David McDonald has stepped down as a director but will continue leading the company as CEO.
• New Appointment: Paul Forno, CEO of Being AI’s logistics company Send_Global, will take over the vacant director role.
• Future Outlook: The company remains in a prolonged period of non-trading, with its strategic direction and the development of Project Treehouse under close industry scrutiny.

Leadership Transition at Being AI

Being AI (NZX: BAI) co-founder and Chief Executive David McDonald has officially stepped down as a director, marking a significant shift in the company’s leadership structure. His resignation, which took effect last Friday, comes as the company continues to experience a prolonged period of non-trading.

Paul Forno to Fill the Vacancy

The directorial vacancy will be filled by Paul Forno, CEO of Being AI’s logistics company, Send_Global. While McDonald has stepped away from his director role, he will remain with the company as CEO to lead the ongoing development of Project Treehouse, an advanced technology initiative aimed at expanding Being AI’s capabilities.

McDonald’s Decision to Stay On as CEO

McDonald stated that he felt he could "no longer be effective" in his role as a director but decided to continue as CEO to drive the best possible outcome for the company’s key tech project. His continued leadership is expected to provide stability for the team as they navigate operational and strategic challenges.

Market Uncertainty and the Road Ahead

Being AI remains in a period of non-trading, raising questions about its future direction. Investors and industry observers will be closely watching for updates on Project Treehouse and the company’s broader strategy under Forno’s leadership.

At the time of writing, Being AI’s next steps remain uncertain, but the company is expected to provide further clarity in the coming months regarding its operations and leadership structure.

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