Elizabeth Buse, the CEO of Monitise (LSE:MONI), has stepped down from her role after less than six months and been replaced by deputy CEO and chief commercial officer Lee Cameron.
Elizabeth Buse, the CEO of Monitise (LSE:MONI), has stepped down from her role after less than six months and been replaced by deputy CEO and chief commercial officer Lee Cameron.
The announcement came as the struggling mobile payments group announced its audited preliminary results for the year ending June 2015 and suffered a massive 46% fall in its share price.
London-based Monitise revealed revenues and EBITDA down on 2014 and an after-tax loss of £224m (US$344m).
Monitise said that Buse was leaving her post to return to the United States for personal reasons and that she will work with her successor, Cameron, until the end of October to ensure an orderly transition.
Cameron has been promoted to CEO from his role as deputy CEO and chief commercial officer. He has been on Monitise’s board since 2008.
Buse commented: “Since becoming sole CEO of Monitise, I have focused on the transition of our business towards the cloud model, while reducing costs and increasing flexibility and discipline.”
Addressing the company’s financial performance, she said: “A consequence of reshaping Monitise for growth and profitability is that we have had to recognise significant non-cash impairments and exceptional one-off costs.”
In January Monitise launched a strategic review, led by Moelis & Co and Canaccord Genuity, but concluded the process in March after failing to find a buyer. It then launched a standalone strategy focusing on sales in EMEA and North America, streamlining the business, narrowing and centralising its R&D, and exiting non-core business areas.
On 9 September 2015 Monitise shares were trading at £46.50, and today that has fallen to £3.08, representing a more than 93% decline over the last twelve months.