Monitise still hit by tumult at the top

THE management merry-go-round at the top of struggling mobile payments specialist Monitise continued yesterday as chief financial officer Brad Petzer announced he was leaving.

Petzer, who became finance boss two years ago, has left the board immediately but will stay at the business until a successor has been found.

His exit follows the departure of Elizabeth Buse in September. Buse, who joined from US credit card company Visa, was hired to increase customer numbers but left the AIM-listed firm after six months.

She had replaced the company’s founder Alastair Lukies, who stood down as chief executive after a strategic review.

Following Buse’s departure, Lee Cameron, deputy chief executive and chief commercial officer, became chief executive.

The loss-making firm has seen its share price fall 90pc since the start of the year. It fell 6.7pc to 2.65p yesterday.

In September it reported an annual loss of £227m, more than three times the £63m loss from the year before.