CFO Brad Petzer told the board of troubled mobile money firm Monitise that he is stepping down.

Petzer, who joined in 2013, will actually remain in place until a successor is found.

The company is struggling to shift business model to a cloud-based approach and saw CEO Elizabeth Buse step down in September (she actually stayed to oversee the transition to a new CEO until the end of October).

Buse was replaced by deputy CEO and chief commercial officer Lee Cameron.

The company said the search for the challenging role of CFO, who will have to contend with falling revenue and spiralling losses, had started and “a further announcement will be made in due course”.