CFO of Perform Group to Step Down
David SurteesFinancial exec David Surtees, instrumental to the company’s IPO in 2011, will resign after profits fall considerably below expectations in 2013.
The UK-based digital sports media company Perform Group has announced that chief financial officer David Surtees will resign from the company’s board as of January 31st. Reports indicate that the search for a replacement is underway, with the board announcing the new CFO in due time.
Surtees joined the company in 2008, bringing in some of the smart strategies that allowed it to become listed on the London Stock Exchange for the first time in 2011. Non-executive chairman Paul Walker thanked Surtees for his “significant contribution over the last six years.”
Announcement comes after disappointing 2013
Despite producing and distributing digital media for a diverse range of platforms including the up-and-coming mobile casino gambling market, Perform issued a profit warning in December. It alerted shareholders that 2013 earnings would be “significantly” below expectations.
The company was plagued by disappointing advertising and sponsorship revenue during the fourth quarter of 2013, especially in the crucial US and German markets. Following the profit warning Perform’s share price plummeted by 58 percent on the London Stock Exchange.
The ongoing search for a new CFO indicates that the company board is hopeful that profits can rebound in 2014. With such an alarming drop in profit last year, a major change in strategy will be needed in order for Perform to recover its market share.
