Potentia Capital Management’s clearout of Adobe Acrobat alternative Nitro Software’s (ASX: NTO) leadership team has continued this morning with the company’s CEO and founder Sam Chandler and CFO Ana Sirbu leaving the firm effective immediately.
Potentia, now the owner of Nitro with a shareholding of approximately 87 per cent, has installed its own managing director Tim Reed as interim CEO and director of the software company while a search is conducted to appoint a permanent leader.
The latest move leaves just one member of the original Nitro board standing - chairman Kurt Johnson - after an exodus of the board last week which saw five directors depart once Sydney-based Potentia took control of the firm.
“The board, Sam and Ana agree that with the recent change in control at Nitro, it is the appropriate time in the company’s journey for new leadership for Nitro’s next stage of growth,” Nitro chairman Kurt Johnson said.
“On behalf of everyone at Nitro, we thank Sam and Ana for their contributions to the company and wish them well for the future.
“We acknowledge Sam’s vision and the significant role he has played in building a leading global software business over the past 18 years.”
It marks the end of the road for Chandler’s journey with the business he founded 18 years ago in Melbourne.
“It has been an absolute privilege to lead the evolution of Nitro from its humble beginnings in Melbourne to its position today as a prominent global productivity and eSign SaaS business,” Chandler said.
“I am incredibly proud of what we have achieved so far and now it is time for a new chapter.
“I would like to thank our team of Nitronauts for their passion, hard work and commitment and I wish them, and the company, every success.”
The changes come two days after Potentia crept up on Nitro’s share registry, moving to own a relevant interest in the software firm of greater than 75 per cent on Monday.
That triggered an increase in the cash consideration Potentia would pay for the remaining shares in Nitro from $2.17 per share to $2.20 per share - a slight benefit for those that held out to the end of the tussle for control of the company.
With his firm now the owner of Nitro, Potentia managing director Reed has assumed responsibility for the company as CEO, but he will not receive a salary or other incentives while taking on the role in the interim.
Reed, in addition to his role at Potentia, is president of the Business Council of Australia and a non-executive director of Transurban Group (ASX: TCL). Prior to Potentia he served as CEO of MYOB.
“I am delighted to be joining Nitro at an exciting time for the company,” Reed said.
“I look forward to working with the team as we commence the search for a permanent CEO to drive Nitro’s continued leadership in the fast-growing eSign and PDF productivity markets.”
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