CV Check CEO resigns

Perth tech company CV Check has announced the resignation of chief executive Rod Sherwood, citing personal reasons, shortly after a large acquisition and capital raising.

The company said Mr Sherwood has resigned as chief executive for personal reasons and had stood down from regular duties.

“Mr Sherwood will be available to assist CV1 through the transition period, if necessary,” the company added.

Chairman Ivan Gustavino will be acting as executive chair while the company undertakes a search for a new CEO.

The resignation comes only two months after CV Check acquired Perth firm Bright People Technologies, bringing together two pioneers in workforce management software.

In tandem with that deal, CV Check raised $10.5 million at 16.5 cents per share.

Its share price has weakened since then despite the company announcing record monthly and quarterly revenue a week ago.

The share price fell a further 7 per cent today to 13 cents.

In a statement, Mr Sherwood said he had been immensely proud to have led the company over the past four and a half years.

“Having just completed the Bright transaction, the company is now in ideal shape, with record revenues, primed for growth with exciting new opportunities available and $14.8 million in cash as at the end of March,” he said.

“The next few months will offer the CV1 group a time for an inward focus as the CV Check and Bright businesses get to know each other and successfully integrate and align.

“This is a time for change and renewal, which affords the ideal opportunity for me to step away from the business and allow CV1 group time to search for a new CEO who will lead it into the promising future I know lies ahead.

“I will, of course, be available to assist the company through the transition, if required.”

Mr Gustavino said Mr Sherwood has put a great deal of energy and effort into the company.

“He departs with the great thanks and best wishes of all in the company,” Mr Gustavino said.

“The board is confident it has the management structure and organisational resilience to continue our record of organic growth whilst the board recruits a new CEO.”