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accesso says chief financial officer to step down on 31 March, a week after revealing return of former CEO

John Alder will continue to serve as accesso's CFO overseeing the company's year-end financial results and to affect an orderly handover

Accesso Technology Group PLC -
The company said it will commence a search for a replacement CFO in due course

accesso Technology Group PLC (LON:ASCO) has revealed that its chief financial officer (CFO), John Alder will step down from his position, and the group’s board, with effect from 31 March 2020, just a week after the firm’s former CEO returned to "re-energise the company".

In a statement on Wednesday, the electronic queuing and e-ticketing specialist said that during the lag time, Alder will continue to serve as accesso's CFO overseeing the company's year-end financial results and to affect an orderly handover.

READ: Back to the future for accesso as former CEO returns and company opts to remain independent

The company said it will commence a search for a replacement CFO in due course and will provide further updates to shareholders as appropriate.

Steve Brown, accesso’s chief executive officer commented: "The Board and I thank John for his support over the past 11 years and wish him the best in his future endeavors.  We will begin the search for a replacement CFO immediately, looking both within and external to the business."

Accesso announced on January 23 that Brown, who was formerly president and chief executive officer of the company between 2016 and 2018, was replacing Paul Noland as its chief executive officer.

The announcement came as the firm revealed that it had taken down the “up for sale” sign.

The company kicked off a formal sale process in July of last year after receiving approaches from parties interested in acquiring the company but announced this morning that none of the approaches resulted in an offer that the board feels values the company appropriately.

In a note to clients, analysts at Peel Hunt said: “We remain under review for the time being as we await the full results on 24 March, as well as the impact of the recent changes to the senior management.

“As a reminder, over the past year the company has had a new Chairman, a new CEO, a brand new COO, and today we have been told to expect a new CFO.”

In afternoon trading, shares in accesso were 0.1% lower at 367.50p.

 -- Adds analyst comment, share price --

Quick facts: Accesso Technology Group PLC

Price: 350 GBX

LSE:ACSO
Market: LSE
Market Cap: £97.9 m
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