Optiva CEO resigns after compensation dispute

News General Global 12 MEI 2020
Optiva CEO resigns after compensation dispute

Optiva has announced the resignation of CEO Danielle Royston from 9 August, following the required 90-day notice period. The company said the departure follows compensation requests from Royston that the board of directors declined to meet. Optiva has started its search for a new chief executive.

Optiva is working on becoming a public cloud specialist. 

Categories:

General

Companies:

Optiva

Regions:

Global

Tags:

Corporate strategy, Officers & directors

Related Articles

GLOBAL 2 MRT 2021

Optiva shareholder ESW sells stake to OceanLink for USD 58.9 million

Optiva said shareholder ESW Capital has agreed to sell its stake in the company to OceanLink Management and related investment funds at USD 39.90 per share. Under the deal, OceanLink, EdgePoint Investment Group, Maple Rock Capital Partners and Meson Capital will buy almost 1.5 million shares from ESW for a total of CAD 58.9 million. Optiva said it will now complete its planned private placement of up to USD 17 million. The company added that it did not itself participate in the sale.

GLOBAL 30 DEC 2020

Optiva begins review of stake sale to OceanLink

Optiva has set up a financing committee charged with reviewing and looking for alternatives to the company's plans to issue voting or other shares connected with OceanLink Management. Independent directors Robert Stabile and Anuroop Duggal will be part of the committee and help review the sale of 750,000 shares to OceanLink Management. Canada's Ontario Superior Court of Justice told Optiva earlier this month to pause the sale for 45 days, and to review the process with shareholder ESW in mind.

GLOBAL 12 AUG 2020

Optiva Q2 sales down on lost clients, legal & advisory costs bring net loss

Optiva has reported second-quarter revenue of USD 19.9 million, down 20 percent from a year earlier due to a shortfall in income from lost clients. The company swung to a net loss of USD 14.8 million in the period, hit by legal and advisory costs and finance costs associated with the issue of warrants amid long-running disputes among shareholders.

GLOBAL 28 JUL 2020

Optiva looks to ward off bid from shareholder ESW

Optiva's largest shareholder ESW has made a public offer to increase its stake in the company. The company said it opposes Optiva's recent decision to issue new debt following pressure from other activist investors. Optiva cautioned shareholders against the ESW offer, noting it does not expect to acquire a majority of shares. The company proposed a new shareholders rights plan that could in future block any hostile takeover attempts. 

GLOBAL 21 JUL 2020

Optiva confirms new debt financing, board members

Optiva has confirmed new financing and the appointment of new independent directors to its board. The company raised USD 90 million in new debt, which has gone to redeeming its outstanding preferred shares for USD 91 million. 

GLOBAL 3 JUL 2020

Optiva hopes to present new CEO over coming weeks

Optiva has announced some shifts in its management team, with lead independent director Robert Stabile assuming management duties at the company. The news is connected to the company redeeming its preferred shares and holding a secured debenture offering. Stabile will assume day-to-day oversight of the company's senior executive team until the financial transactions are closed and until a new CEO is found.

GLOBAL 29 JUN 2020

Optiva gets financing to start redeeming shares, receives preliminary offer of interest

Optiva said that three of the independent directors on its board of directors are in talks to finance the redemption of all of the company´s outstanding preferred shares. The holder of these shares, ESW Capital, has said it wants to replace its nominees to the board of directors but this move has been rejected by the independent directors, which said the nominees are in relationship with ESW affiliate ZephyrTel, which is a competitor of Optiva. In a letter to the board, ESW said it could also be interested

GLOBAL 13 MEI 2020

Optiva revenues fall in Q1, still in talks on financing

Optiva reported revenues of USD 19 million for the first quarter, down from USD 25 million a year earlier after the end of certain customer contracts. While operating costs were up on increased R&D spending, net profit improved to USD 0.8 million from USD 0.5 million a year ago thanks to valuation gains on its warrants. 

GLOBAL 21 JAN 2020

Optiva accelerates plan to become public cloud specialist

Optiva has decided to accelerate its Strategic Plan to become a public cloud specialist. The company still plans to raise up to USD 100 million to push its transition to the cloud but will now change from its strategy of being cash flow break even to a willingness to lose money. This means it will not be limited by its cashflow and that it will be able to put more into innovation. Optiva said it has so only spend USD 25 million into its transformation, due to its previous break even strategy, and that this

GLOBAL 7 NOV 2019

Optiva reduces losses in Q4 as it pivots towards becoming public cloud specialist

Optiva reported lower revenues for its fiscal fourth quarter to end September, but narrowed profit losses considerably on the back of lower operating expenses. CEO Danielle Royston said the company remains committed to its USD 100 million investment plan as it moves towards becoming a public cloud specialist. This strategy will get support from cash generated from operating activities, which rose in the quarter to USD 1.23 million from a negative 14.15 million the year earlier.

Just In

3 APR 15:21

Viettel's overseas revenue jumps 25% in 2025

3 APR 13:28

Beltelecom sells new anti-virus pack for SMEs from Kaspersky

3 APR 13:19

Former SFR director Boulay to join Arcep executive board

3 APR 12:37

Vivo introduces Pay Crediario instalment plan for electronic goods purchases

Commentary

11 FEB 12:29

Odido shareholders face tricky exit after abandoned IPO

2 FEB 13:49

KPN results show little bother from the competition

2 JAN 13:21

Open Dutch Fiber's new management team takes up turnaround challenge

15 DEC 2025 13:56

Video market set for slower growth ahead

Background

29 MRT 22:46

The week in telecoms: Italy brings back PTT, US bans foreign routers and social media on trial

23 MRT 00:38

The week in telecoms: OFC and Nvidia events drive data centre networking talk, Orange debuts full French office stack

16 MRT 00:25

The week in telecoms: Pakistan ready for 5G, Google exits FTTH market and Canal Plus works on pay-TV turnaround

6 MRT 16:00

The week in telecom: MWC brings 5G advances, AI and satellite integration, plus first robot phone

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.