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Troubled Monitise on hunt for new CFO as Petzer resigns

BRAD Petzer, CFO of digital mobile payment outfit Monitise, has resigned from the board with immediate effect.

Petzer, who joined the board in April 2013, will remain in the role while the firm hunts for a replacement.

His departure marks another low for the 2003-founded company following the departures of chief executive Elizabeth Buse in September and founder Alastair Lukies in March.

The company – whose share price has plummeted by 88% this year – has faced renewed competition from free mobile payment solutions from the likes of Apple and Google.

Monitise chairman Peter Ayliffe said: “On behalf of the board, I would like to thank Brad for his contribution to the company, and we wish him well for the future.”

Last year Monitise changed its business model from one based on licensing to subscriptions and has subsequently issued a raft of profit warnings.

 

 

 

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