The CEO of Quartix has stepped down following a review by returning founder Andy Walters.

The London-listed company behind vehicle tracking for fleets said Richard Lilwall (pictured) has left the board and company with immediate effect.

Walters, the former CEO of the company, conducted a review which led Quartix to downgrade its revenue expectations last week.

“Although the company has made good progress in annualised recurring revenues, the board does not now believe that the rate of growth has been sufficient to achieve current market expectations for revenue in 2023 or 2024,” investors were told in a trading statement.

As a result, Quartix reduced its forecasts for the two years by £900,000 and £2.6 million respectively.

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Walters has now been appointed executive chairman of the company based in Newtown, Wales.

Dan Mendis, who was CFO and COO of Quartix until 2021, will support him by taking the position of commercial and operations director, a non-board position, starting in November.  

Walters will also be supported by CFO Emily Rees and CTO Laura Seffino.

Quartix’s share price fell from around 200p to 150p following the reduced revenue forecast, and stands at 151p at the time of writing today (9am).

It is down more than 50% in the last 12 months and reached a high of 570p in March 2021.

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