LONDON (Alliance News) - Monitise PLC on Thursday said it has decided to shrink its board, with non-executive directors Colin Tucker and Paulette Garafalo both set to leave the payments company, as it tries to cut costs and focus on key markets.
"Reflecting Monitise's focus on priority markets and business opportunities as well as the continued streamlining of the business, the board of directors has agreed that a smaller board is more appropriate for this stage of Monitise's development," the company said in a statement.
The directors had already waved goodbye to Elizabeth Buse, the company's former chief executive, on September 9, when she resigned just months into taking on the role.
Buse said she was stepping down to return to the US. The former Visa Inc executive became sole chief executive of Monitise in March when former co-CEO Alastair Lukies left the company he founded. Lee Cameron, who had been deputy CEO and chief commercial officer, took over on Buse's departure.
Cameron is joined by Chairman Peter Ayliffe, a former president and chief executive of Visa Europe, and Chief Financial Officer Brad Petzer, previously the financial controller at TelecityGroup PLC, on the company's board. Amanda Burton, global chief operating officer at Clifford Chance LLP from 2010 to 2014, is a senior independent non-executive director.
Tim Wade, a non-executive director of Macquarie Bank International Ltd, ACE Europe Insurance, and Access Bank UK Ltd, is also a member of the board, occupying the role of independent non-executive director.
Alongside Buse's departure in September, Monitise revealed a GBP227.4 million pretax loss in the year ended June 30. That widened from the GBP63.4 million pretax loss reported for the prior financial year, as Monitise recognised GBP94.3 million in goodwill, capitalised development costs and other intangible and fixed assets impairments.
"Our move to become a cloud business reflects our drive to adapt to the evolving needs of the industries and clients we serve. 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," Buse had said at the time.
Shares in Monitise were down 1.3% at 2.92 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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