- Surveying company Veris (VRS) is taking actions to manage the impact of COVID-19, opting to shuffle its senior management
- The company has put in cost reduction measures, which include slashing its director’s fees by 50 per cent
- Executive and leadership teams have also agreed to take a 25 per cent pay cut and move to part-time roles to help contain costs
- Adam Lamond has stepped out of the Managing Director position and has started his new role as the Executive Director of Corporate and Strategy
- Chief Financial Officer (CFO) Lisa Wynne has finished her interim role and will resume her role as Company Secretary and Head of Commerical
- Steven Harding will take up the reigns, coming on board as the new CFO today
- On market close, Veris is down 6.25 per cent and is selling shares for 3 cents per share
Surveying company Veris (VRS) is taking actions to manage the impact of COVID-19, opting to shuffle its senior management.
Veris is a market-leading national survey, digital and spatial and planning business.
Cost Reductions
The company has put in cost reduction measures, which include slashing the director’s fees by 50 per cent. Executive and leadership teams have also agreed to take a 25 per cent pay cut and move to part-time roles to help contain costs.
The shared services and leadership team have also agreed to a 25 per cent reduction in pay
Business continuity
Veris said it will take additional measures to ensure the business will continue.
The company said it is in positive discussions with its lenders and continue to monitor the cashflow an working capital to ensure it has sufficient liquidity.
It has established a business resilience team, which is meeting frequently to assess the changing businesses conditions and determine the right actions to address business priorities.
In the long term, Veris says it has a solid foundation of work and a strong project pipeline.
Health and safety measures
In this pandemic, employees are practising good hygiene, social distancing, self-isolation and testing for the virus if required.
The company said staff are rotating shifts to minimise any potential spread of the virus. Veris is also making sure it has hand sanitisers and appropriate equipment in its offices.
Staff changes
Adam Lamond has stepped out of the role as Managing Director and has started his transition into the new role as Executive Director of Corporate and Strategy on a part-time basis.
Chief Financial Officer (CFO), Lisa Wynne has finished her interim role and will resume her role as Company Secretary and Head of Commerical.
Meanwhile, Steven Harding will take on the reigns, starting as the new CFO from today. Steve is a chartered accountant with over 25 years of experience.
“On behalf of the Board and the Leadership Team, I’d like to thank Adam Lamond for his outstanding leadership for the past three years and Lisa Wynne for taking on the role of Interim Chief Financial Officer over the last nine months,” Chairman Karl Paganin said.
“Lisa has worked incredibly hard during that time performing the dual roles of Chief Financial Officer and Company Secretary, I’d also like to take this opportunity to welcome Steve to the Veris Team,” he added.
On market close, Veris is down 6.25 per cent and is selling shares for 3 cents per share.