Monitise’s Buse Says Bye-Bye

Elizabeth Buse, chief executive officer of mobile banking firm Monitise, is leaving the firm after just 15 months in that position — and only about five months as sole CEO — Reuters reported Wednesday (Sept. 9).

Buse cited personal reasons as the impetus for her departure and will stay in the CEO role through the end of October to help facilitate a transition, as Lee Cameron, deputy chief executive officer, steps into that executive slot beginning Sept. 9.

The management shuffle continues less than a half year after Alastair Lukies, who served as co-chief executive officer alongside Buse and also was the founder of the company, stepped down. Monitise said upon Lukies’ resignation in March 2015 that it was withdrawing efforts to sell itself. That intent to sell came as the company faced challenges from free mobile payment systems offered by competitors, such as Apple. And along with the pressures of a changing business landscape, the company offered up several warnings related to earnings. Monitise has projected that it should be profitable next year.

But through the 12 months that ended in June of this year, with financial data coming alongside the news of Buse’s leaving, operating profit fell by one-third from the previous year to about £42 million, which was at the bottom of its range, and revenues were off 6 percent, though the latter figure of about £88.9 million was in line with company guidance issued earlier in the year. The company also said that it does not expect to see revenue growth in the current fiscal year, which will end in June 2016. Shares retreated in sympathy with the news, and the stock was off by roughly 30 percent by the end of the trading day in London.

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