Co-founder of Atomos, Jeromy Young is returning as Managing Director and CEO, effective immediately. Jeromy Young was the Atomos CEO for over 10 years, retired from executive duties in November 2021. Jeromy replaces Trevor Elborne who has resigned as CEO of Atomos.
You may well remember that Jeromy made world headlines in mid-2021 for cruising into Queensland on a superyacht from Sydney during COVID lockdowns.
These Board and Executive changes are part of a proposed broader recapitalisation process which will include the lifting of the suspension in trading of the Company’s shares on ASX, further details of which will be announced to the market over the coming weeks.
Above you can see the ASX announcement that was issued on the 4th of January.
There seems to be big changes at Atomos after a recent board restructuring as the company has also announced that the Chief Financial Officer (CFO), James Cody, has resigned to pursue other business interests after almost 7 years at the company. Atomos will undertake a comprehensive search process to find a replacement CFO.
In December, Atomos Limited reported earnings results for the full year (which ended on June 30) of 42.76 million AUD which was well down on the previous years sales of 73.28 million AUD. The net loss was AUD 61.06 million AUD which was more than 50 million AUD higher than the previous year.
The Atomos Limited share price currently sits at just 0.065 AU, but the stock was suspended from trading back in early 2023. Above you can see how much the stock price has fallen over the 1.5 years.
