19 August 2017
visit www.avoka.com

Fundtech restructures under new COO

03 January 2003  |  2146 views  |  0 Fundtech restructures under new COO

New Jersey-based EFT firm Fundtech is to take an additional $900,000 charge in the fourth quarter following fresh staff cuts incurred as a result of a major restructuring under new chief operating officer Michael Sgroe.

Fundtech says it has consolidated its development, professional services and customer services activities into three global groups to be headed by Sgroe.

Sgroe was previously executive vice president and president, US products and operations. Prior to joining Fundtech in 2000, he worked for Chase Manhattan and Chemical Bank.

The restructuring includes the appointment of Joseph Mazzetti as executive vice president, global sales and marketing.

Fundtech says staff reductions will lower ongoing expenses by $500,000 per quarter beginning Q1 2003.

The company expects to be approximately breakeven on an EBITDA basis, excluding one time charges, which now include a $1 million restructuring charge related to real estate leases, a $900,000 settlement of a previously disclosed dispute and an additional $900,000 of employee-related expenses due to the organisational changes.
KeywordsPEOPLEFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

NIB Capital rolls out Fundtech system to global operations

NIB Capital rolls out Fundtech system to global operations

14 November 2002  |  1924 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8047 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7416 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6272 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6133 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5979 views comments | 11 tweets | 9 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job