Ondo founder’s mother seeks CEO ouster in Delaware

Ondo Finance is facing a corporate control battle in Delaware after Kathleen Allman, mother of late founder Nathan Allman, sued to remove Ian De Bode as chief executive and establish authority over the company. Summary Kathleen Allman seeks control of Ondo and removal of CEO Ian De Bode in Delaware. Three Delaware Chancery filings ask judges to determine lawful control and preserve Ondo’s status quo. De Bode calls the estate’s allegations meritless and says key stakeholders continue supporting current leadership. Ondo’s website still identifies Ian De Bode as chief executive while the Delaware dispute continues. Allman’s estate gained voting authority after Kathleen became personal representative in Hawaii on June 26. The complaint was filed July 24 in the Delaware Court of Chancery, roughly two months after Ondo announced Allman’s death and said De Bode would assume the CEO role. The dispute centers on who lawfully controls Ondo after Allman’s death. Kathleen Allman argues that, as personal representative of her son’s estate, she controls his voting interest and therefore had authority to reconstitute the board. De Bode rejects those claims, calling them “meritless” and saying cur...