Fintech firm Ayondo stares at a spate of resignations from its top brass

Visual from Ayondo's website

A spate of resignations seems to have hit Singapore Exchange (SGX) Catalist Board-listed fintech firm Ayondo as it adopts measures to restructure its business operations.

Among the latest to leave the firm are Mita Natarajan (54), who held the position of chief business development officer, and chief product officer Raza Perez (44). Both tendered their resignations last week on June 28. It is understood that UOB Kay Hian Private Limited, the company’s sponsor, has already conducted their exit interviews.

The reason for their departure could not be ascertained. However, Raza’s resignation came in days after Ayondo completed the disposal of its entire stake in Ayondo Markets Limited – a transaction which garnered shareholders approval on June 3.

The departure of Natarajan and Perez were the latest in the series of C-suite resignations that hit the company over the past few weeks. Earlier, Ayondo saw the exit of its interim chief executive officer Richard Mark Street, chief financial officer Sean Downey, chief operating officer Edward Drake, and chief talent officer and general counsellor Angela Sadler.

While Ayondo’s interim CEO Street, on his part, cited personal reasons for his resignation, the company’s CFO Downey moved out for “differences with the management” regarding Ayondo Markets Limited.

The trading of the company’s stock has been suspended since February 01, 2019, and the last traded stock price was S$0.048.

On June 28, Ayondo also announced the retirement of its independent director Chan Heng Toong (Chan), and the resignations would mean that Chan will cease to be the chairman of the remuneration committee, the member of audit and risk committee, the member of the nominating committee at the company.

In the latest financial statements for the full-year ended December 31, 2018 (FY 2018), the company reported a decline 16.50 per cent year-over-year (YoY) in its net operating income to CHF8.30 million ($8.46 million), compared to CHF9.94 million ($10.14 million) in FY 2017. Total losses for the FY 2018 came in at minus CHF50.24 million ($51.23 million) compared to minus CHF9.76 million ($9.95 million) in FY 2017.