Further to the announcement made on 13 March 2009, Neovia Financial (LSE: NEO), the independent global online payments business, confirms that Mr Ron Martin, President & CEO of Neovia, will leave the Group and step down as a Director of the Board on 31 May 2009.
Mr Dale Johnson, Chairman of the Board, will assume executive responsibility for the Group until a new CEO has been appointed.
The Board has commenced a process to select a new Group Chief Executive Officer and good progress is being made in this regard.
During the interim period until a new CEO is appointed, Dan Starr, Executive Vice President, and Doug Terry, Chief Financial Officer, will assist the Chairman in the day-to-day executive management of the Group's business.
These responsibilities are in addition to their existing roles. This is part of a broader reorganisation to focus the Group's efforts on meeting the current challenges facing the business.
Mr Johnson commented "On behalf of the Board and management team, I would like to thank Ron for his significant contribution to the Group over four challenging years. In the current challenging market conditions, the Board and management team are focused on maximising revenues in the short term, maintaining control over costs and preserving cash to deliver value for all shareholders."