Change Financial chief quits after 28 days; shares drop 31pc
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Digital bank Change Financial lost almost a third of its value after its new chief executive quit after 28 days on the job.
The stock (ASX:CCA) fell 31 per cent to 20c on Wednesday compared to a one-year high of $1.38 in February.
Experienced tech veteran Eric Bachman was introduced to the US-focused fintech’s shareholders on July 9 as “an institutional payments veteran with over 30 years in banking, payments, and building new companies”.
“I’m excited to have the chance to define the path to growth and take the company to profitability,” he said at the time.
Last night Change said Mr Bachman was out and the old chief and founder Ashley Shilkin was back in.
Change told shareholders Mr Shilkin knew the company intimately, having founded it, and was “uniquely placed to continue to build on the vision of making Change Financial a significant player in the US payments business”.
They gave no reason for the abrupt exit and did not respond to Stockhead inquiries before publication.
Change’s boardroom has recently been a place of high drama.
Last week chairman Peter Clare also resigned, effective on Friday.
He said he was heading for greener pastures, an “opportunity which would require significant additional time commitment”.
He was replaced three days later by independent director Teresa Clarke.