Struggling security camera firm plays musical chairs with executives
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A CEO appointed to improve the fortunes of a struggling ASX-listed security camera company has departed after just three months.
Warren Sainsbury was appointed as the managing director and CEO of Q Technology Group (ASX:QTG) in May to replace former boss Rob Rosa, a major shareholder who moved into a non-executive director position.
On Monday the company announced the resignation of Mr Sainsbury and the appointment of two acting executives to replace him.
Chief financial officer Andrew Phillips will become acting CEO while another major shareholder, Howard Whitesmith, will act as managing director.
“Mr Phillips has been in senior management in the security industry for 20 years and brings a broad and diverse set of experience and skills to the role with a record of achievement in operational improvement,” the company said in an announcement after the close of market Monday.
“In addition, the board has appointed Howard Whitesmith (existing non-executive director and second largest shareholder) to the role of acting managing director effectively adding another senior experienced executive to the team to assist and support Mr Phillips.”
“This appointment also achieves a closer day to day alignment between the owners of the business with its management and staff.”
Q Technology Group has been struggling to break even due in part to a dispute with a supplier.
The company’s main subsidiary operates as Q Security Systems, which imports and sells CCTV cameras and other security video systems.
In the quarter to June the company received $3.2 million from customer sales, but still remained $1.25 million in the red.
QTG shares have traded at 1c or less over the past 12 months and are currently at 0.3c.