IOT Group is still trying nail down its business model as new CEO steps in
Struggling tech company IOT Group has announced a new CEO.
Mark Roper, currently the firm’s general manager, will step into the top job and become executive director. Roper will be paid $125,000 per year in his new role.
Accompanying the announcement, IOT Group said former managing director and co-founder Sean Neylon had tendered his resignation as a director of the company.
Since the update, IOT’s share price (ASX: IOT) is unchanged at 0.1 of a cent, a level it’s consistently traded at in recent months.
“Mark’s capabilities and skills are essential in building an organisation that can excel in a rapidly changing technological environment,” the company said.
IOT Group has routinely undergone something of an identity crisis during its life as a listed company.
It briefly hatched a plan to become a commercial seller of selfie drones, before deciding that was too hard.
More recently, the company has made a pivot to blockchain. Among other things, it’s been working on setting up a cryptocurrency mining centre around a long-defunct coal power plant in the Hunter Valley in NSW.
And there’s been a spate of tentative-looking deals in recent months, including a “Strategic Alliance Agreement” with the US-based Netobjex Inc, which will “focus on expanding business opportunities around IoT technologies”.
In December, the company also said it had signed on as an “exclusive advisor” to PropertyBay Holdings Pty Ltd — a company to which Neylon was recently appointed to the board of directors.
It followed the completion of a pilot program, which “established and developed a road map with regards to devices and services that could be implemented on PropertyBay’s projects”, IOT Group said.
As part of the deal, IOT said it would provide consulting services to PropertyBay for $100,000 a month.
Based on the information provided on PropertyBay’s website, the company shares the same office address as IOT Group at 100 William St in Sydney’s CDB.