Flood of top management departures at Ayondo continues

SINGAPORE - First, it was the departure of the chief financial officer (CFO), then its chief operating officer (COO), followed by chief talent officer and interim chief executive officer; now its the chief business development officer and chief product officer - all these took place in the month of June at Catalist-listed fintech Ayondo.

The trading platform developer in separate filings with the Singapore Exchange last Friday (June 28) announced the resignation of chief business development officer Mita Natarajan, 54, and the cessation of chief product officer Raza Perez, 44.

Their departures were the latest in a string of C-suite resignations and cessations the fintech company has reported.

Ms Natarajan, who joined Ayondo barely a year ago to be responsible for business development and investor relations, quit "to pursue other career opportunities".

Ayondo received a formal cessation notification that Mr Perez would cease to be chief product officer with effect from June 28, the filing said. Mr Perez had been with Ayondo since mid-2016.

Ayondo also reported that its independent director Chan Heng Toong had retired on June 28, as the 69-year-old did not seek re-election. His retirement will mean that he ceased to be the chairman of the remuneration committee as well as a member of the audit and risk committee and nominating committee.

A day before these announcements, Ayondo had reported the resignation of its interim CEO Richard Mark Street, 60. Mr Street said he wanted "to pursue other career opportunities and for personal reasons", with his resignation coming less than six months on the job.

 

Earlier, COO Edward Drake and chief talent officer and general counsel Angela Sadler left their positions on June 13, following the completion of the disposal of unit Ayondo Markets. Their departures were hot on the heels of CFO Sean Downey, who quit in under one year over "differences with the management" regarding Ayondo Markets.

Ayondo completed the disposal of its entire stake in Ayondo Markets on June 5.

The counter has been suspended since Feb 1 while it addresses issues on business viability, and last traded at 4.8 cents.