Key points
- Restructure to enhance operational efficiency and deliver annual cost savings of $0.9 million
- CFO James Solomons to resign, with Finance Director Avi Lewis assuming interim CFO role
- Commercial Manager role refocused to Revenue Officer with increased emphasis on revenue growth
- Two new non-executive directors appointed to strengthen the board
Full summary
Xref Limited (ASX:XF1) has announced a company restructure designed to enhance operational efficiency and drive further cost savings, alongside key changes to its leadership and board composition. The restructure is expected to deliver annual cost reductions of approximately $0.9 million without impacting revenue growth or product development. As part of the changes, Xref's Chief Financial Officer (CFO), James Solomons, has announced his resignation after nine years with the company. Finance Director, Avi Lewis, will assume the role of interim CFO, and the Commercial Manager role held by Tobi Ajibola will be refocused to that of Revenue Officer with an increased emphasis on revenue growth. Xref has also appointed two new non-executive directors, Jon Newbery and Jake Phillpot, to strengthen the board and support the company's long-term growth objectives. The changes reinforce Xref's commitment to driving operational excellence and sustained profitability to capitalize on market opportunities and deliver enhanced value to shareholders.