TD's Notes Event
WeCommerce announced that Evan Brown, CFO, will be stepping down in June.
Impact: SLIGHTLY NEGATIVE
Strong finance team to help with an orderly transition. Mr. Brown will remain
at WeCommerce as an advisor to ensure a smooth transition. WeCommerce has
already commenced the search for a CFO candidate with an executive recruiting
firm. We believe that the company has a strong supporting finance team, which we
had the opportunity to work with recently. Stamped is mostly integrated and a new
CEO has already been appointed, so we do not believe there is much integration
disruption. We also do not foresee any material disruptions to Q1/21 reporting, given
the the timing of Mr. Brown's departure.
Alex Persson, President, assumes role of interim CFO. Mr. Persson has been
with WeCommerce since last year, leading the company's acquisition initiatives.
As such, we believe that the recent news will not have a material impact on the
company's ability to source and complete acquisitions. However, if the search for the
next CFO continues for a long time, there may be potential for his departure to be
slightly disruptive.