Garry Donoghue

New Zealand: (Apr-17-07) Text message marketer Plus SMS brought charges against its founder chief executive Garry Donoghue, forcing him to return $11 million worth of shares. The lawsuit stemmed from Donoghue refusing to hand back 85 million ordinary shares which apparently he was bound to return to the company when he resigned in 2006. As part of the negotiations, Garry Donoghue agreed to return the 85 million ordinary shares in accordance with the terms of a deed of settlement entered into between himself and Plus SMS. Under that deed Plus SMS had agreed to refrain from taking any action whatsoever against Donoghue. [NEW ZEALAND HERALD: CEO CONTRACT BREACH]

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Published on Apr-23-07