Digital payments firm Monitise waves goodbye to yet another senior executive; share prices down 88% YTD

Mobile currency firm Monitise Plc (LON:MONI) is experiencing more strife at the top as its Chief Financial Officer has now announced his plans to leave the company.

Brad Petzer, who joined the firm in April 2013 after having been Group Financial Controller at Telecity Group PLC for eight and a half years.

Mr. Petzer continues to hold the position of Finance Director at Maximi Ltd, a role that he has been in for thirteen years.

Monetise, whose core business is mobile payment provision via handheld devices such as smartphones and payment terminals, partnered with Banco Santander, S.A. (BME:SAN) in the summer of this year in order to concentrate on fintech developments within the banking sector, a deal which netted Monetise a multi-million pound license fee, paid in advance.

Despite the potential, and obvious institutional demand for such systems, the company continues to experience outflows of experienced senior executives, including those at the very top level. In March, Alastair Lukies, the Monitise’s founder and co-CEO exited the company, followed by then sole CEO Elizabeth Buse who departed in September.

So much unrest among the senior ranks, and Visa’s decision to shelve its plans for a commercial relationship with Monetise has been damaging for the firm, with its share price 88% down for the year to date.