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- EROAD (ERD) will appoint current Group Financial Controller Margaret Delany as Acting CFO, following the departure of Alex Ball
- The news follows the resignation of CEO Steven Newman who will be temporarily replaced by General Counsel and Company Secretary Mark Heine
- The transport technology services company also reports significant growth over the March quarter which was largely driven by the North American and NZ markets
- Growth in Australia was notably slower but this market remains a focus of the company in the medium term
- Company shares were trading at $2.92 early today
EROAD (ERD) will appoint Margaret Delany as Acting Chief Financial Officer (CFO), following the departure of the current CFO Alex Ball.
The transport technology services company announced Mr Ball’s resignation in February to pursue different career opportunities and he’s set to officially leave the company on May 13. Ms Delany will assume the role of Acting CFO before a permanent CFO position is filled.
Ms Delany joined EROAD in September 2020 as Group Financial Controller, bringing more than 15 years’ experience in senior finance, commercial and leadership roles.
Headquartered in New Zealand, EROAD develops technology solutions, products and services that manage vehicle fleets, support regulatory compliance, improve driver safety and reduce costs associated with driving.
Today’s announcement follows CEO Steven Newman’s resignation on April 8 which was effective immediately. In his place, EROAD appointed General Counsel and Company Secretary Mark Heine as Acting CEO until the company finds a permanent replacement.
“EROAD’s leadership team are extremely capable and remain energised, with a clear strategy and direction as the company focuses on the integration of Coretex and builds growth momentum,” Chairman Graham Stuart said.
“We are confident that the appointments of Mark and Margaret will ensure that we continue the excellent progress achieved to date.”
Quarterly update
EROAD also provided an operational update on activities for the three months ending March 31, 2022.
In the March quarter, the company grew by 5258 units to 208,697 units, reflecting growth in all markets, particularly in North America and New Zealand.
The company experienced notable growth in its NZ business with 2112 units added from both new and existing customers across all segments in the market.
EROAD’s largest New Zealand Enterprise customer, Downer New Zealand, renewed its contract for 5500 assets installed with EROAD telematics devices along with future subscriptions for the company’s Analyst and Inspect products.
The company said it’s building further momentum in North America following the acquisition of Coretex. North American units increased by 2965 in the quarter which it says reflects increased sales of the Coretex products.
In Australia, net growth was 181 units, reflecting the rollout of the Ventia Australia contract. According to EROAD, Australia is a substantial growth opportunity and the company plans to focus on sales of EROAD Clarity Solo cameras and EROAD Where tags.
Company shares were trading at $2.92 early today.
