The Infomedia Ltd (ASX: IFM) share price is falling off a cliff today following the surprise resignation of a senior leadership figure.
During early afternoon trade, the Infomedia share price is down a sizeable 14.63% to $1.40 apiece.
Infomedia CEO and managing director steps down
Investors are heading for the hills, selling Infomedia shares after the company's head honcho has decided to step down.
According to the company's announcement, Infomedia advised that its CEO and managing director, Jonathan Rubinsztein, has resigned.
The board highlighted Mr Rubinsztein's contribution to the company, particularly in executing the Software-as-a-Service (SaaS) platform strategy. This helped the business turn around its fortunes with the development and roll-out of Next Gen and the strategic win of the Ford Europe parts contract.
Mr Rubinsztein will depart Infomedia on 29 October to pursue another opportunity within the technology sector.
Infomedia non-executive director Jim Hassell will step in as an interim CEO from today until a permanent replacement is found.
Infomedia chair Bart Vogel touched on Mr Rubinsztein's departure, saying:
Jonathan has made a significant contribution to the company and an opportunity has arisen that Jonathan has decided to pursue. This transition comes at a time when the company has strong momentum.
Mr Vogel also went on to add:
The company has performed strongly in the first quarter and remains on track to meet FY2022 revenue guidance. An update will be provided at our Annual General Meeting which will be held on 25 November 2021.
Mr Rubinsztein will work closely with Mr Hassell to ensure a smooth transition and handover until his formal departure.
Mr Hassell has been part of the Infomedia board of directors since May 2021. He brings more than 30 years experience in the technology sector, both in Australia and internationally.
Previously, Mr Hassell held positions as Group CEO of BAI Communications, as well as VP and Managing Director of Sun Microsystems. In addition, he also took up various senior executive roles with NBN Co and Broadcast Australia.
About the Infomedia share price
Over the past 12 months, Infomedia shares have lost 10% in value with year-to-date dropping around 30%.
Based on today's price, Infomedia has a market capitalisation of roughly $526 million, with approximately 375.76 million shares on issue.
