Yesterday, we reported that
CFO John Williamson AND the company’s CEO, John Nagle, were leaving the AIM-listed payment network. Payzone said chairman Bob Thian (previously chairman of Cardpoint) would “assume executive responsibility for the company with immediate effect”. Thian said that a “different set of skills" to those held by Williamson and Nagle were required to take the company forward. Today, it’s been revealed the Johns aren’t leaving quietly.
Reuters reports that Ireland’s High Court has awarded the pair an injunction against their dismissal. Trading in the Payzone shares has been suspended pending the outcome of those court proceedings. You’ve got to wonder exactly what’s going on at Payzone. I was always told that it’s a bad sign when an FD and a CEO leave a company in quick succession. They obviously know something most people don’t. But it’s also a bad sign when the FD and CEO are both sacked. Have they done something untoward? Or does it mean that the monkeys are now in control of the zoo?Related article
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