29th Jan 2020 17:03
(Alliance News) - Wameja Ltd on Wednesday said it has made several changes in relation to its board and senior management roles in an attempt to cut costs.
In the six months to the end of June 2019, Wameja's posted a widened pretax loss from continuing operations of AUD6.8 million from AUD5.1 million.
The stock was trading 10% lower at 6.50 pence each on Wednesday in London.
The fintech company said that John Conoley will step down from his executive role but will remain on the board as non-executive chair. Executive Director James Hume will also step down but will remain on the board as non-executive director.
Both Hume and Conoly will continue to represent Wameja on the board of HomeSend. HomeSend is Wameja's joint-venture with credit card company Mastercard Inc. As at August 2019, Wameja had a 36% stake in the cross-border payment platform and had invested AUD3.5 million in the venture.
Matt Richardson has stepped down from the role of joint company secretary & general counsel. Tom Rowe will stay on as company secretary.
Vice President Communications Alison Cheek has also stepped down from her role.
"On behalf of the board, I would like to thank Matt and Alison for their contributions to the company during their time here and wish them the very best for the future," Conoley said.
The remuneration and nomination committee has been dissolved.
Following the changes, all executive and management functions will be assumed by the board and Tom Rowe, Wameja said.
By Ife Taiwo; [email protected]
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