Parkd co-founder Peter McUtchen is stepping down as managing director and will be replaced by the company’s chief financial officer.
In a statement, the company said Mr McUtchen would vacate the role of managing director and take on the position of chief operating officer.
“(The move is) in order to focus on operational deliverables as well as lead the continuous research and development of the company’s patented modular car park system," it said.
Mr McUtchen will remain an executive director of the company.
Chief financial officer Len Troncone will assume leadership of the company’s management team and at the same time retain the responsibilities of his current role.
Mr Troncone has served as a senior finance executive in the immediate post-IPO years of United Group Limited and Paladio Group (now Decmil Group).
PARKD chairman Bronte Howson said there had been a significant increase of interest to develop the PARKD patented technology from a broad base of commercial investment, which necessitated a restructure within the management team.
“This will allow Peter, the founding co-developer of the company’s IP, to best dedicate his skills and qualification as a structural engineer to service demand and take a more focused approach to the research and development of PARKD’s technology,” he said.
Shares in PARKD were down 3.75 per cent to trade at 7.7 cents each.