Neil Garner, CEO of loss-making UK NFC payments vendor Proxama, is switching from top spot to a new role focused on innovation and product development.
However, no date has been set for Garner (pictured) to end his ten-year tenure. He will stay in place until a successor is found.
“Proxama’s focus for the future is twofold. Firstly, realising our ambitious plans for development, industry leadership and growth is the primary objective for the business,” said a statement from Garner.
“The acquisition of Aconite at the end of last year supports our need to focus on sales growth within our targeted geographical regions and so an aggressive drive in these areas will be the large focus for our new CEO,” he added. Aconite is active in card payments and token management.
However, Proxama also announced its annual results which saw 2014 revenue fall to £651,000 from £813,000 in 2013. And losses widened to £5.9 million from £5.4 million.
Garner said his new role will enable him to focus on innovation, which is crucial to Proxama’s future success.
He said the business is currently experiencing “high growth” in both its payment and marketing units, thanks to the addition of Aconite and a number of major contract wins in 2015, the kind of boost it clearly needs.
In its 2014 results announcement, the company committed to “significant cost reduction and improved cost management”. It expects to be cash positive on a monthly basis by year end.
The firm’s cash balance at end-2014 was £5.5 million.
“Neil who has been the technical inspiration behind the Company, supports the decision that the business requires new leadership to focus on commercialisation of the Group’s technical expertise and IP,” said the results announcement.