hails ‘crucial next step’ as new Chairman appointed appoints Matthew Howard McGahan as new Chairman
Image: Shutterstock has endured another turbulent week at boardroom level, following up the resignation of a director with the appointment of a new Chairman.

Director Richard Kivel handed his resignation letter in on November 4, claiming his efforts to perform as a fiduciary and support the turn-around had been “aggressively obstructed”. has endured something of a crisis over the past few months, mainly owing to the overstating of its available unrestricted cash balance by $30m, as well as the decline of its shares which had dropped by 17%.

At one stage, Kivel was the only remaining member of the board after the likes of Lisa Borders, Steven Cohen, William Thompson, and Tony DiMatteo all resigned from the beleaguered company.

Kivel has now departed but, in his absence, has made some significant appointments in an attempt to solidify its operations.

Matthew Howard McGahan has been appointed as Chairman of the Board, transitioning from his existing role as a director.

“My appointment as Chairman comes at an important inflection point for the company,” noted McGahan. “We are now seeking to recapitalise and engage in a revitalised growth strategy in a changed business environment.

“ has fine-tuned its management team, who work together with an outstanding, knowledgeable, and self-driven staff dedicated to operations, technology, revenue generation, and legal compliance.”

Meanwhile, Barney Battles and Naila Chowdhury have filled two recent vacancies on its Board; Barney has significant professional accountancy related expertise and Naila has experience in building global business partnerships.

Sohail Quraeshi, CEO, commented: “I would like to welcome all the new directors to the Board, and [I] am delighted at Matthew’s appointment to Chairman.

“Each of them brings considerable and relevant experience, which will substantially enhance our senior leadership team, compliance, CSR and strategic capability.

“These appointments are a crucial next step as we complete the turnaround of the business and implement a strategy for future growth.”