Last CEO was Jeff Sher who took position after API "integrated" his Priceline business into API. He "resigned" 14th of August "to persue other business interests" see ASX announcement.
One can only guess at the time that Jeff and the board was not happy with the situation that oversaw the mysterious balance sheet loss of $17.2m during the change over to a new computer system.
The irony of Jeffs departure is that the Priceline legacy is the golden egg for API and probably will ensure their continued existence. Jeff had given API a new marketing direction and this area was his strength. API had been wafting along for many years trying to build up their "worn out" Group Marketing position in the industry.
Stephen Roche (ex Faulding etc) has taken the helm. He has a much stronger background in the industry and has the experience and management skills to get API back on track.
After Sigma realised they did not have the real desire and probably capability to takeover API (because they have more pressing issues to sort out in their own expanding operations) this has left API able to get on with business. According to those close to the industry API is making up ground.
API Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
