Shareholders of international money transfer business OzForex Group Ltd (ASX: OFX) have been dealt another blow this morning after the company released a statement advising that Neil Helm would be stepping down as Chief Executive Officer and Managing Director.
Helm has spent more than seven years in the role, and announced his intention to step down in order to make a lifestyle change and spend more time with his family. He said: "Following the successful IPO in 2013 and the Company's first year of operation as an independent, listed entity and with the Company in such great shape I feel the time is right for me."
While a successor is yet to be appointed, Helm will remain in the role over the coming months and will assist the Board in implementing a transition plan. The company said it would conduct an external global search for its new CEO.
The stock fell as low as $2.21 following the announcement, a 9.8% drop, adding to the heavy falls experienced over the last five weeks. The most recent blow came after Westpac Banking Corp (ASX: WBC) announced it would end its relationship with the international payments company, significantly increasing OzForex's risk profile.
