Departs with immediate effect, despite doing ‘solid job’
In early trading shares get hammered again
Britain’s Mobile Streams, which describes itself as world’s biggest independent retailer of games, apps and other online content, has parted company with its chief financial officer Gaston Cerf, it was revealed today [4th February 2014]. His departure comes just a few weeks after Mobile Streams issued a profit warning, sending its shares into a renewed nosedive. Since October last year , the company’s share price has tanked by nearly two thirds, going from around 81 pence to just 29 pence at close last night.
In early trading on London’s AIM market today, the firm’s shares took another hammering on the news of Cerf’s departure – sending them down more than 20 per cent to just 24 pence.
Much of Mobile Streams’ troubles stem from the fact that 85 per cent of its revenues emanate from Argentina.
The country’s government has imposed strict controls on foreign exchange, making it difficult for non-Argentine firms to repatriate their profits.
Making matters worse has been the falling value of the Argentinian Peso.
Gaston Cerf, 53, a banking veteran based in Buenos Aires and a former student at the London Business School, appears to have left Mobile Streams with little fanfare.
That’s despite praise from CEO, Simon Buckingham, saying that he had done a “solid job during a difficult and complex period.”
Even so, his departure is with immediate effect. According to Mobile Streams, interviews have now been organised with potential candidates to find a replacement as soon as possible.