After the founder and co-chief executive, Alastair Lukies decided to depart from MONITISE PLC (OTCMKTS:MONIF), its non-executive director, Tom Houghton too followed the suite. A Reuters report noted that Houghton decided to step down as a member of the board of directors effective from March 29, 2015.
Conflicts of interest
The decision came more as a move to avoid conflicts of interest that might emerge during Strategic Review of the company and Visa. It is to be noted that as Houghton is also a Board representative of Visa Europe. Thus, both the companies decided that Houghton should step down from MONITISE PLC (OTCMKTS:MONIF)’s board.
Early last week, the company’s founder Lukies also stepped down from the board after a strategic review. Lukies will become a ‘strategic adviser’ to former Visa executive, Elizabeth Buse, who has now become sole chief executive of the company. Meanwhile, the company has ruled out any possibility of a sale. MONITISE PLC (OTCMKTS:MONIF) called for a strategic review in January after it gave a revenue warning for the third consecutive time in a year. The company provides services that allow consumers and businesses to transact through mobile devices. The company hired Moelis, an investment bank to explore all possible options for the company, which included an option to sale.
However, MONITISE PLC (OTCMKTS:MONIF) was unable to reach any sale agreement in the absence of clarity of expressions of interest or structure. Buse said that the company is committed to delivering what it promised to do and is self-sustaining. Buse went on to state that Lukies’ decision to step down was a mutual one, after being arrived in agreement with the board. She said that Lukies want to remain a strategic adviser to the company, which does not mandate him to be a member of the board.
As the company embraces the new shift in its strategy, its shares have lost more than 75% of their value. During the previous trading session, the stock of the company settled 3.09% higher at $0.200.