Bulletproof co-founder Lorenzo Modesto exits amid another executive reshuffle

Bulletproof co-founder Lorenzo Modesto will resign at the end of this month after 16 years with the company amid another executive shakeup.

The company said Modesto would pursue other ventures but remain a substantial shareholder of Bulletproof. His resignation is effective 1 September.

Modesto co-founded Bulletproof with chief executive Anthony Woodward in 2000 and took the director of sales marketing role. He then moved into the chief operating officer role in 2009 before becoming director of strategy in 2016.

In a statement, Bulletproof said Modesto was instrumental in the company's success over the past 16 years, which included a public listing on the ASX through the reverse takeover of Spencer Resources in 2014.

Bulletproof also announced that chairman David Paterson would step down from the board at the company's next annual general meeting in November. Paterson was previously chairman of Spencer Resources before the acquisition and was appointed as chairman of Bulletproof in 2015.

Bulletproof said it would announce a new chairman prior to the annual general meeting. The company will search for another director to join the board.

Joining the board of directors is Ken Carr, the current chairman of Field Solutions Group. Carr has been chief executive of five ASX-listed companies throughout his career, which includes technology and financial firms. His appointment is effective 1 September.

In the past five months, Bulletproof has seen two of its executive leaders depart; former chief operating officer Mark Rainbird left in March to pursue new opportunities just six months into the role, and chief financial officer Kylie Turner left in April, and was replaced by Paula Kensington.

Of the board changes Bulletproof non-executive director Craig Farrow said: "These board changes bring renewed focus on strong governance and will support the executive team that has also been refreshed over the past year, including the recent appointment of Paula Kensington as CFO and company co-secretary.

"We strongly believe the refreshed board will deliver improved governance and positions the company positively as it continues its turnaround strategy, focusing on driving shareholder value. The board and management would like to thank Lorenzo Modesto and David Paterson for their service and value, and wish them the very best for the future. The board continues its search for one additional director and will update the market in due course."