PS&C CEO Glenn Fielding has announced his resignation from the company after it posted a $53 million loss for the year.
Fielding first joined the Canberra-based IT services in February 2017, having previously led UXC Professional Solutions for eight years.
In his departing statement to the publicly-listed firm’s shareholders, Fielding acknowledged the PS&C’s balance sheet still “needs work”.
“On stepping into the role, I had definable goals; stabilise the company; bring in an ‘industry' CFO; build a national footprint; refinance; and build value for shareholders.
“I am proud of the fact that we have, to a large extent, done all but achieve short term value for shareholders. We have divested non-core assets; developed a national footprint opening offices in Brisbane and Canberra.”
He added the company had also “significantly improved” the operating structure of its Melbourne business due to its acquisition of the consultancy Seisma in April last year and that the company was now in a position to “restore” shareholder value.
Fielding will remain on PS&C’s board as a non-executive director.
Seisma’s MD Robert Hogeland will now take over as acting CEO until a permanent replacement is found.
The news follows PS&C's announcement it had ended the 2019 financial year with a $53 million loss after writing off $49 million of goodwill.
Although PS&C’s revenue rose by 12 per cent to $87.8 million, the company warned it had a number of hurdles to overcome or it would risk no longer being able to operate.
The company has divested of one business, Allcom Networks, which it sold to managed services provider Crosspoint Telecommunications for $3.2 million last year.