Infant formula supplier Bellamy's is in uncharted territory after a shareholder protest vote removed most of its board to leave it with just three directors and no chairman, as a new challenge in its key China market emerged.
Investors have shown support for the embattled company, however, lifting shares in the wake of Tuesday's extraordinary general meeting where shareholders put a broom through the boardroom.
Rebel shareholder Jan Cameron, who led the protest against Bellamy's ahead of Tuesday's extraordinary general meeting, missed in her bid for a board seat but two of her aligned director candidates succeeded.
Tasmania-based Bellamy's has endured a massive plunge in share price and faces a shareholder class action after it flagged a significant drop in sales in China and twice downgraded its full-year earnings forecast.
Bellamy's chairman Rob Woolley and director Launa Inman resigned just before the shareholder meeting in Melbourne and shareholders subsequently dumped directors Michael Wadley - who briefly acted as interim chairman - and Charles Sitch.
Director Patria Mann was the only incumbent to survive the cleanout.
Kathmandu founder Ms Cameron was among three new directors proposed by Bellamy's largest shareholder, Black Prince Private Foundation - which is linked to the entrepreneur.
While her bid failed, two other Black Prince nominees - lawyer Rodd Peters and Chan Wan-Chai - were successful.
Black Prince, whose sole purpose is to invest money to support charity work, funds the Elsie Cameron Foundation of which Ms Cameron is a trustee.
The shareholder vote leaves Bellamy's with a three-person board and no chairman, but former Virgin Australia director David Baxby has been touted as a possible appointment.
Amid Tuesday's corporate upheaval, Bellamy's also announced it may have to seek new registration for its infant formula products with the China Food and Drug Administration.
The Chinese government has said that from January 1, 2018 CFDA registration will be required for overseas-produced infant formula products sold in China.
Shares in Bellamy's lifted after coming out of a trading halt in the wake of the shareholder meeting and closed 18 cents, or 4.2 per cent higher at $4.45 .
Ms Cameron told shareholders during the meeting on Tuesday that the the Black Prince nominees have a plan for Bellamy's but the question of a turnaround is very complex.
"We don't have all the information at the moment," Ms Cameron said.
I've just spent a couple of weeks up in China and there are indeed a lot of problems with distribution and pricing in China, and that's where we would first tackle the problem."
Rodd Peters told shareholders that Bellamy's had been failed by its board, and the company now has to navigate a range of upcoming difficult legal and commercial issues.
Morgans analyst Belinda Moore said it is going to take time to turn around Bellamy's but there were positive signs in the 18-month recovery plan outlined by acting chief executive Andew Cohen on February 24, when Bellamy's unveiled a 47 per cent fall in half-year profit to $7.2 million.
"Everyone needs to get on with business and turn around this business because it is a very strong underlying brand," Ms Moore said.
"They just need to get through some short-term challenges."
