A diversified telecommunications, content and advertising solutions provider, Swift Media Limited (ASX: SW1), formerly Swift Networks Group Ltd (till 15 February 2019), notified the market about the impending change to take place in the key management personnel of the company.
Both, SW1 and its Chief Executive Officer and MD, Mr Xavier Kris have agreed mutually that Mr Kris would step down from his position of MD and CEO, after his current contract ends on 30 June 2019. Mr Kris has notified SW1 that he wanted to pursue outside business interests, post his contract concludes.
However, he intends to continue to remain a long-term shareholder of SW1. He is looking ahead to offer SW1 with his continued support, as the company makes a transition towards new management to further drive the deployment of premium content, best-in-class technology and intelligent advertising.
SW1 mentioned that it had started seeking a new CEO.
Mr Xavier Kris would continue to be the Interim Executive Chairman of the company until 30 September 2019 or the appointment of a new Chairman, whichever is the earlier date. Also, he would continue to offer general commercial consulting services to the SW1 until 31 December 2019, in order to facilitate knowledge transfer, management transition and aid in the company’s continued development.
Kris commented that it had been an honour for him, to lead SW1 over a period of quick earnings and corporate development. SW1’s of late, deliberate and profitable expansion into the advertising market, denotes a solid and material inflection point in the company’s growth story. He further added that he has confidence that SW1 would keep on executing, with drive and enthusiasm, on the strategy that they had together devised.
SW1’s director, Mr Robert Sofoulis, on behalf of his fellow directors and senior management of the company said that he would like to acknowledge Mr Kris’s substantial contribution, towards the company’s growth, during his tenure of almost 3 years as SW1’s CEO. Throughout the period, Mr Xavier Kris had been instrumental in providing decisive leadership and the execution of Swift's growth strategy.
He further said that as the CEO of the company, Mr Kris spearheaded the successful listing of the business on the ASX in May 2016. He has overseen an increase in the SW1’s annual revenue of beyond 50%, between the period of FY16-FY18 end, a growth which has continued well into FY19. It was accompanied by an EBITDA turnaround from a $1.5 million loss in FY16 to earnings of $2.8 million in the half-year to December 2018.
Also, the vision and commercial acumen of Mr Xavier have driven SW1’s multi-year evolution from communications service provider to a high-value advertising, content and media group, functioning in varied and attractive end-markets.
Also, SW1 notified that it has been making progress in employing a new independent Non-Executive Chairman, since its previous Non-Executive Chairman Mr Carl Clump, had stepped down from his position, in February 2019. The board of the company remains confident of securing the best available talent to lead SW1 in the approaching months.
On 2 April 2019, the company updated the market about its mobile entertainment platform, Lumiair’s success and the aim towards its global expansion.
The stock price of the company, by the closure of the day’s trading session on 3 April 2019, stood at A$0.200, down by 14.894% from its previous day’s close.
Today, on 4 April, the stock has plunged by 7.5%, trading at A$0.185 (As at 12:55 PM AEST).