Helicopter pilot jumps in Bidenergy cockpit; executes loop-de-loop
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BidEnergy has executed a mid-air u-turn with the appointment of a helicopter pilot as managing director after the company hit turbulence.
BidEnergy, which uses Artificial Intelligence to help companies manage their energy bill, gained 120 per cent last week after former Virgin, Optus and Foxtel exec — and pilot — Guy Maine took over from co-founder Anthony Du Preez.
Mr Du Preez took the reins in November after the exit of chairman Robert Browning and managing director Phil Adams when a US acquisition collapsed.
The shares promptly halved to 0.8c.
They have now recovered to 2.2c — though are still well down on their 52-week high of 5.7c.
“Mr Maine’s past leadership in corporate consumer environments, with a focus on sales and marketing, and expertise in challenger markets, will offer a fresh perspective and prove invaluable to the company’s growth strategy moving forward,” Bidenergy told shareholders.
BidEnergy (ASX:BID) would “realign its position as a challenger brand in a staid market to deliver on the significant market opportunity available”.
Mr Du Preez returns to his focus on technology, in particular developing BidEnergy’s “artificial intelligence capability”.
Bidenergy reported $1 million in customer receipts in the September quarter. It burned about $1.5 million, leaving $8.1 million in the kitty.
The new MD will net a base salary of $250,000, with performance bonuses as much as $100,000 a year.