COSOL Limited AGM Addresses Outline Board Renewal and CEO Search Ahead of February 2027 Deadline

Aditi Sarkar

12 November 2026 10:15 AM AEDT

COSOL Limited AGM Addresses Outline Board Renewal and CEO Search Ahead of February 2027 Deadline

Image Source: Krish Capital Pty Ltd

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COSOL Limited (ASX:COS) has released the addresses delivered by Executive Chairman Geoff Lewis and Interim CEO Anthony Stokes at the company's 2026 Annual General Meeting on 12 November 2026, with both executives acknowledging unacceptable operational and share price performance over the past two financial years and outlining steps underway to address the decline.

Key Points

Executive Chairman Geoff Lewis described FY2026 as a tough year, stating the operational performance and decline in market value are unacceptable, and attributed the share price decline to poor operating performance.
Board renewal is underway, with at least two new board members to be appointed, with at least one expected to join in the second half of the financial year, ideally in the March quarter.
The permanent CEO appointment process is underway, with the Board targeting completion by the end of February 2027.
Geoff Lewis confirmed he will remain as Executive Chairman through to the end of the 2027 calendar year, beyond his originally contemplated tenure.
Interim CEO Anthony Stokes, who also previously served as CFO and COO, stated the overarching objective is to maximise shareholder value by increasing profitability, growing margins, reinstating dividends and achieving a re-rating in the market.

Board Renewal Process and Executive Chairman Tenure Extension

Chairman Geoff Lewis disclosed that two new board members are to join COSOL as part of a board renewal process, with the recruitment led by directors Gerald Strautins and Steve Johnston. At least one new director is expected to join in the second half of the financial year, ideally during the March quarter. Lewis also confirmed the Board has decided he should remain as Executive Chairman through to the end of the 2027 calendar year, stating this reflects recognition that the business turnaround will require significantly more intervention and resourcing than originally contemplated when he moved into the Executive Chairman role in August 2026.

CEO Transition Following Scott McGowan Departure

The filing disclosed that Scott McGowan stepped down as CEO after 10 years in the role following 30 June 2026, to concentrate fully on strategy and solution design. Anthony Stokes, who previously served as CFO and COO of COSOL, has been acting as Interim CEO since August 2026. The Board acknowledged Stokes's work in reducing COSOL's cost base in the second half of FY2026. The permanent CEO selection process is underway, with the Board expecting an appointment by the end of February 2027.

Strategy Focused on AI-Driven Analytics and Margin Growth

Interim CEO Anthony Stokes stated that COSOL's go-to-market strategy is changing, with an emphasis on emerging opportunities in AI-driven analytics and industrial mathematics. Stokes outlined the overarching objective as maximising shareholder value through increased profitability, growing margins, reinstating dividends, and achieving a market re-rating. He stated major operational changes have been made and others are underway, with the expectation that results will be reflected in the current financial year. The filing identified COSOL as a global asset management technology-enabled solution provider operating across natural resources, energy, water utilities, public infrastructure, and defence.

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