Shares in local tech company Hazer Group have sunk after the company announced on Friday that founder and managing director Geoff Pocock, and non-executive director Terry Walsh have resigned.
Mr Pocock, who had been managing director since the company was founded in 2010, has cited personal reasons for his decision to leave the company.
Mr Walsh has stepped down due to other board commitments.
Shares in Hazer finished down 18 per cent at 27 cents each today.
Both resignations were effective from Friday and Mr Walsh will remain at the company in a business development role.
Chief operating officer Mark Edwards will take over as interim chief executive until a replacement is found.
“Geoff was instrumental in identifying Hazer’s commercial potential while still a university research project, and successfully created and built the company to where it is today,” Mr Goldsmith said
“Through his guidance and leadership, Hazer has established itself as a well-funded ASX-listed company.
“Under Geoff’s leadership the company also has strong agreements and relationships with a number of leading potential partners, which have positioned Hazer well for growth into the future.”