Synchronica, the UK-listed developer of mobile messaging services, announced a number of management changes, including the resignation of its CEO and founder Carsten Brinkschulte. The company also said that it is owed payment by some of its…
Synchronica, the UK-listed developer of mobile messaging services, announced a number of management changes, including the resignation of its CEO and founder Carsten Brinkschulte. The company also said that it is owed payment by some of its customers.
Synchronica did not give a reason for Brinkschulte’s departure, but it did say that current CFO Angus Dent will take over as chief executive.
Separately, it said that it is owed payment by “a number of device manufacturer customers” that have been granted extended payment terms.
Synchronica said that it had been expected that it would collect US$2m from these customers in Q4, but that “a significant part” of this payment would now be delayed until next year.
Although this delay impacts its cash flow, it expected to alleviate this impact through “the acceleration of payments from other customers, invoice discounting and/or short-term loans”.
“Synchronica continues to work with the customers and is confident that this situation will be resolved and Synchronica paid,” the company said.
New CEO Angus Dent has been on the company board for five years.
Brinkschulte was not the only senior executive to leave the company. Chief Operation Officer Nicole Meissner also departed.
Brinkschulte and Meissner had co-founded Synchronica.
The company also appointed David Mason as new executive chairman. Mason has been non-executive chairman of Synchronica for four years.
Company Secretary Angus Phillips was appointed as interim CFO.
This afternoon Synchronica’s share price stood at £0.10, down 31% from the opening price this morning.
On 31 July, Synchronica completed its acquisition of Nokia’s North American operator branded messaging division for US$25m.
