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Wisr’s sacked chief denied bail
The listed fintech has sacked its CEO as his brother, the chairman, temporarily recused himself.
Myriam RobinColumnistListed fintech Wisr – a “for purpose neo-lender” whose website explicitly clarifies it is not a payday lender – has in the past week sacked its CEO and had its chairman temporarily recuse himself.
The latter was unavoidable, given ousted Wisr chief Anthony Nantes is the brother of Wisr chairman John Nantes. And Anthony Nantes’ bad week got worse when he was on Saturday night charged with stalking and refused bail. He has yet to enter a plea.
Wisr’s Anthony Nantes has had a bad week.
Separately, police have applied for an apprehended violence order against Anthony Nantes on behalf of a Wisr employee. It will be heard in court later this week, and may be contested.
Adding the grimmest irony to these allegations are Wisr's multiple gongs in this publication's Best Place to Work Awards, including in 2022 being crowned the overall winner in the diversity and inclusion category.
Earlier this year, Wisr laid off 40 staff. And last year, Anthony Nantes was rebuked by the Federal Circuit Court after he sacked an employee by going through her messages and exaggerating her private joke with a colleague about punching someone in exasperation into an incitement to violence in the workplace. This was after she filed a complaint about an executive saying he wanted to “punch her in the face”. Like we said: great place to work!
In its statement, Wisr said its board “had formed a view over recent months that Anthony was unable to perform the role of CEO to the level required”. Chairman Nantes says he was “not a part” of these discussions, given they involved his now-remanded brother. He nonetheless “supports” the board’s actions.
Imagine: the worst thing in Anthony Nantes’ life has just happened to him, and his brother has to worry about due deference to the best interests of his listed shareholders, the single largest of which is his employer, Adcock Private Equity. Dramatists could do much with the required betrayal. Of course, it was not unavoidable.
Wisr’s groovy employer citation made reference to its “things I learned” Slack channel, in which staff members are encouraged to share their key realisations. Here’s a free submission: chairing a company led by one’s brother can only end in tears.
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