Pie Face founder Wayne Homschek has been dropped as CEO and a director of the troubled fast-food company.
Former banker Homschek and his wife Betty Fong, a fashion designer, founded Pie Face in Sydney in 2003.
Chairman Andrew Thomson, a former federal Liberal MP and sports minister, told The Australian newspaper that Homschek was ousted by shareholders at an extraordinary general meeting.
Pie Face, which had 80 stores in Australia and licensing deals in New York, Europe, the Middle East and Asia, went into voluntary administration in November.
The business was rescued from administration by a $2 million deal from by TCA Global Master Fund.
Mr Thomson said Pie Face was also considering a capital raising later in the year.
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