Monitise (LSE: MONI), the mobile transactions company, has announced thatMike Keyworth, is standing down from his role asChief Information Officer, and relinquishing his position on the companys board, with immediate effect. After briefly rising after opening, Monitises share price has softened almost 1% in trading so far this morning.
Having joined Monitise in 2004 as the director responsible for delivery the companys UK launch, Mr Keyworth was appointedChief Information Officer in October 2005, and joined the main board seven years later, in 2012. The company has said that he will stay on at Monitise as a technology advisor.
Commenting on My Keywoths departure from the CIO role and the board,Monitise co-CEO Alastair Lukies said:
Mike has made a huge contribution to Monitise over the years and been an invaluable member of our executive team He has been part of Monitise since its inception and at the very heart of our success.I am also delighted that he will continue to provide his invaluable technology insights and experience to the business.
Also leaving the board areVictor Dahir, who isVisa Inc.s nominated board member, who resigned on Friday, 29 August, andDavid Dey, the senior independent non-executive director, who joined the board on Monitisesadmission AIMin June 2007, whowill leave the board after the AGM on 4 November.
Monitise has also announced thatMike Dreyer, who wasGlobal Head of Technology at Visa Ic, will be joining the company asPresident, Americas, overseeing major accounts inUS, Canada and Latin America.
Co-CEO Alastair Lukies welcomed MrDreyer to Monitisessenior leadership team, saying:
He brings technology, product, and sales experience at the highest level in the worlds biggest banks and technology companies.His appointment represents another important step in our journey to transition the business to a subscription-based model.
Monitises share price is down over 26% so far this year, twice the 13% drop of theFTSE AIM 100over the same period, whilst the FTSE All-Share index has risen 0.6%. However, over the past five years, Monitise is up 183%, versus just 30% by the AIM 100 index, and 44% for the FTSE All-Share.
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Jon Wallis owns shares of Monitise. The Motley Fool UKownsshares of Monitise. We Fools don’t all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.