Boom Logistics’ investigations into its former chief executive Ben Pieyre found about $1 million in misused funds, the company announced.
Boom Logistics’ investigations into its former chief executive Ben Pieyre found about $1 million in misused funds, which led to him being stood down.
In an announcement to the market, Boom Logistics said inquiries were made over Mr Pieyre’s personal use of company credit cards and company funds.
The inquiries were initially made amid the company’s announcement on Mr Pieyre’s resignation, dated July 17.
Earlier this year, Boom Logistics announced Mr Pieyre has tendered his resignation and was set to leave the company at the end of 2025 amid a search for his replacement.
However, last week the company announced to the market that Mr Pieyre has resigned early, effective immediately.
In its statement to the ASX today, Boom Logistics said internal investigations followed the initial inquiries made and found reasonable evidence that Mr Pieyre engaged in personal and unauthorised use of company funds.
"Further and more extensive investigations have been and are being undertaken to determine the full extent of Mr Pieyre's misuse of his company credit card and company funds," the statement said.
"At this stage, and subject to these further investigations, it appears that the amount of the misuse was less than $1 million of which the company has recovered $246,720.
"It should be noted that the above amount is historical and does not impact Boom's cash at bank or its future cashflows.
"It also appears that the misuse related to purchases by Mr Pieyre of personal items and services for himself and others and was not associated with Boom's provision of services to customers or suppliers."
Boom said it would provide a further update to this matter after completing its investigations and would take the appropriate action against Mr Pieyre.
In 2019, Mr Pieyre joined Boom in 2019 as the general manager of the company’s Western Australian and South Australian operations.
The company has a head office in Victoria and operates at six locations in WA including East Rockingham, Port Hedland, Leonora, Telfer, Newman, and Perth.
Mr Pieyre was promoted to Boom's chief operating officer in 2021 and became the chief executive in early 2023.
