Diligent files 2013 annual report, says CFO Blandino to step down

Carl Blandino of Diligent Board Member Services
Diligent Board Member Services 12-month price history (NZX.com)

Diligent Board Member Services [NZX: DIL] filed its 2013 annual report after restating accounts for the prior three years and said chief financial officer Carl Blandino will step down once the company's reporting obligations are up to date.

The New York-based, New Zealand-listed company, whose strong operating performance was undermined by a slew of administrative errors last year, today filed its annual report, the final step in restating financial statements for the 2010, 2011 and 2012 years and completing the audit for 2013.

Diligent had to restate the accounts after acknowledging it recognised revenue too early under US GAAP accounting rules. The company has set up new internal controls to avoid a repeat.

Separately, Diligent said Blandino will step down as chief financial officer once the company's financial reporting obligations for calendar 2013 are up to date, something it anticipates by the end of May. Blandino joined the company in May last year when the governance app developer was in the midst of its self-evaluation.

"Carl helped guide Diligent through a difficult restatement of certain of our financial statements," chief executive Alex Sodi said in a statement. "We thank Carl for his guidance during this important period and wish him the best."

Blandino will stay with the company through July to help with the handover of responsibilities. Diligent controller Alexander Sanchez will act as interim CFO.

Earlier this month the company reported a slower pace of growth in the first quarter and a dip in customer retention rates as increased merger and acquisition activity in the US led to a greater number of cancellations.

The shares gained 1.2 percent to $4.36 today, and have gained 13 percent this year.

(BusinessDesk)

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