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  • ReadCloud’s (RCL) Chief Executive Officer steps down after eight years at the company’s helm
  • Effective from today, Lars Lindstrom will retire from his current role, but will remain with the company as Director of Strategy and Business Realisation
  • Mr Lindstrom has agreed to a new renumeration package of $165,000 to reflect his change of position, along with new performance based incentives of up to $95,000
  • Following the move, ReadCloud’s Executive Director and Chief Information Officer, Darren Hunter, will step into the role of interim CEO, while the board begins the search for Mr Lindstrom’s successor
  • ReadCloud last traded at 9.5 cents on December 15

ReadCloud’s (RCL) Chief Executive Officer has announced he will step down from the role after eight years at the company’s helm.

ReadCloud is a provider of eReading software, which offers over 200,000 eBooks from leading publishers.

The outgoing CEO, Lars Lindstrom, made the decision to retire from his current role, effective from today.

“After eight years as CEO, I believe it is the right time to step into a new role focused on strategy and the opportunity in childcare and aged care and to search for a CEO who can lead the company going forward,” Mr Lindstrom told investors.

The outgoing CEO will remain with the company as Director of Strategy and Business Realisation.

Mr Lindstrom has agreed to a new renumeration package of $165,000 to reflect his change of position, along with new performance based incentives of up to $95,000.

“The board would like to thank Lars for his efforts as CEO of ReadCloud and notes his contribution as founder of the company, having taken ReadCloud from an idea to a listed company with over 80 staff and the foundations for growing the business in the years to come,” Chair Cris Nicolli said.

Following the move, ReadCloud’s Executive Director and Chief Information Officer, Darren Hunter, will step into the role of interim CEO, supported by the non-executive directors.

The company’s board is now beginning a search for an experienced executive to fill the role of CEO on a permanent basis.

ReadCloud last traded at 9.5 cents on December 15.  

RCL by the numbers
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