Jeromy Young, co-founder of Atomos, resumes the role of Managing Director and CEO, replacing Trevor Elborne who recently stepped down.
Jeromy, with over a decade of previous CEO experience, retired from executive duties in November 2021.
Board Restructuring and Recapitalization Plans
These leadership changes are part of a broader recapitalization process at Atomos, intending to lift the suspension in trading of the company’s shares on ASX. Detailed plans will be communicated to the market in the following weeks, according to the ASX announcement on January 4th.
CFO Resignation and Replacement Search
In conjunction with the executive changes, Chief Financial Officer (CFO) James Cody has resigned after nearly 7 years with Atomos. The company is set to initiate a comprehensive search process to find a suitable replacement for the CFO position.
Financial Performance Decline
Atomos Limited reported a significant decrease in earnings for the full year ending June 30, recording 42.76 million AUD compared to the previous year’s 73.28 million AUD. The net loss also increased to 61.06 million AUD, exceeding the previous year’s loss by over 50 million AUD.
Stock Price and Trading Suspension
Atomos Limited’s share price currently stands at 0.065 AUD, reflecting a substantial decline over the past 1.5 years. It’s essential to note that the stock has been suspended from trading since early 2023. These developments signal a challenging financial period for Atomos Limited.
News source: https://www.atomos.com/
