Troubled New Zealand based mobile services provider, Plus SMS has lost the two executives who were carrying out the roles of chief executive, chairman, chief financial officer and company secretary.
Christopher Tiensch has resigned with immediate effect as Chairman and will step down in six months time as CEO. Les Coates has resigned immediately as company secretary, and given six months' notice of his resignation as the chief financial officer. The company recently delayed its annual meeting pending a legal review of a stock option it had decided to grant to Mr Tiensch, and has not given reasons for the resignations.
The company has not ruled out further resignations over the next couple of weeks.
The company has been trying to rebuild its credibility after admitting missleading the stock market about its financial position back in September 2006. The incorrect statements cost the company founder Garry Donoghue, his job and his shares in the company - and sparked a legal investigation into the company by the Securities Commission. Shares which had been as high as 82c plummeted to 16c when the scandal broke.
Since then, the company has worked to secure new contracts - most significantly in a deal with Microsoft in Brazil.
Posted to the site on 16th September 2008
Posted to: www.cellular-news.com/story/33645.php