The struggling British mobile money solutions company Monitise has announced the departure of its sole Chief Executive, Elizabeth Buse, after six months in the position, and disclosed big losses. The company reported a pre-tax loss of £227M for the year to June 30, up from £63M a year earlier. The revenue of the company also fell to £88M, from £95M last year, marking a 6% fall. Its shares tumbled by more than 27% to 4.2p to a six-year low after the company posted huge losses.
Ms. Buse, a former Visa executive, was the chief executive of the company since March after Alastair Lukies (Founder and then Co-Chief Executive) left his position following a strategic review. The company states the decision was made “due to her desire for personal reasons to return to the United States.”
As of now, Lee Cameron, Deputy Chief Executive and Chief Commercial Officer, has been positioned as the Chief Executive of the company.
Monitise Chairman Peter Ayliffe said, “The board is pleased to announce the appointment of Lee Cameron as chief executive. Lee has been on the Monitise board since 2008 (and has) held a number of senior executive roles within the company.
“I would like to thank Elizabeth Buse for capably taking on the role of sole chief executive earlier this year and setting in place many important changes that have helped to reposition the business for the future.”
The company has shifted away from its original subscription-based model to focus on its product and platforms.
In 2015, the company’s revenue decreased by 6% to £89.7M. The company announced the decline in July, which is the latest revenue warning in a series of four.
The new chief executive said that the only way Monitise could rebuild the trust of investors would be by successfully implementing its subscription strategy. “Clearly, confidence has been knocked severely,” he said to the Telegraph. “[The share price] doesn’t look good on screen today but frankly it is one indicator, and my job is to turn the business around.”