GeoOp CEO Leanne Graham steps down to take US executive role with company, shares drop
GeoOp [NZAX: GEO] chief executive Leanne Graham has resigned 11 months after the small business app developer listed on the New Zealand Alternative Index and will take a new role with the company leading its push into the US. The shares dropped 11 percent.
Graham will move to the US to become executive strategic adviser for America, which currently makes up 8 percent of the company's customer base, the Auckland-based company said in a statement. GeoOp has embarked on a search for a replacement CEO.
"Leanne led the company through its transition from a private company to a successful listing on the NZAX in 2013 and under her leadership GeoOp has continued to grow," chairman Mark Weldon said. "She moves into her new role to accelerate development of the important US market."
The company raised $10 million at $1 a share in a private offer before listing on the NZAX last October. The shares have declined some 88 percent from the high of $4.49 reached in November and fell 7 cents to a record low of 55 cents today.
In June, the company said its loss widened to $4.6 million in the year ended March 31, including some $600,000 of capital raising and listing costs. That compares with a loss of $312,000 in the 2013 year. It reported $7.7 million of cash and investments to fund its growth, up from $80,000 a year earlier.
At the time, GeoOp said it had customers in 25 countries, with 58 percent in Australia, 19 percent in New Zealand and 11 percent in North America. It expects to benefit from the increasing use of smart mobile devices which will enable companies to better manage their mobile workforces. Market research firm IDC expects there will be 1.3 billion mobile workers worldwide by 2015, one third of the global workforce, the company said.