Leadership Change at Spenda Raises Questions on Future Growth and Strategy
Spenda Limited announces the resignation of CEO Adrian Floate due to health concerns, appointing COO Corrie Hassan as interim CEO and welcoming Francis DeSouza to the Board. The company aims to maintain momentum following a record revenue year.
- CEO Adrian Floate resigns after 10 years for personal health reasons
- COO Corrie Hassan appointed interim CEO to ensure leadership continuity
- Francis DeSouza joins Board as Executive Director with commercial oversight
- Spenda achieved record revenue of approximately $12 million in FY25
- Company remains focused on SaaS products and supply chain finance growth
Leadership Change at Spenda
Spenda Limited (ASX, SPX), a technology company specialising in embedded electronic payment solutions for supply chains, has announced the resignation of its Managing Director and CEO, Adrian Floate. After a decade at the helm, Mr Floate stepped down citing personal health reasons. His tenure saw the company through significant milestones, including the commercialization of its intellectual property and navigating the challenges of the global pandemic.
Interim Leadership and Board Additions
To maintain operational stability, the Board has appointed Chief Operating Officer Corrie Hassan as interim CEO. Ms Hassan brings over 30 years of international experience in finance and operational leadership, including a history with Spenda through a prior acquisition. Alongside this, Chief Commercial Officer Francis DeSouza has been elevated to the Board as an Executive Director, taking charge of commercial, corporate, and financial responsibilities. Mr DeSouza’s background in capital markets and investment banking, combined with his experience in ASX-listed companies, positions him well to support Spenda’s strategic ambitions.
Sustaining Growth Momentum
Despite the leadership transition, Spenda reassures investors that day-to-day operations and strategic initiatives will continue uninterrupted. The company recently reported record revenue of around $12 million for FY25, underscoring the strength of its SaaS product suite, which includes SwiftStatement, Carpet Court SOE, and APG Pay’s credit-based supply chain lending. These offerings remain central to Spenda’s growth strategy, leveraging integrated software and payment processing to streamline supply chain transactions.
Looking Ahead
Chairman Peter Richards expressed gratitude for Mr Floate’s leadership and welcomed the new executive appointments, signalling confidence in the company’s future direction. The Board has commenced a search for a permanent CEO, aiming to find a leader who can build on the solid foundation laid over the past decade. Investors will be watching closely to see how this leadership transition influences Spenda’s strategic execution and market performance in the coming months.
Bottom Line?
Spenda’s leadership reshuffle marks a pivotal moment as it seeks to sustain growth and stability amid change.
Questions in the middle?
- How long will the search for a permanent CEO take, and who are the potential candidates?
- Will the leadership change prompt any strategic shifts in Spenda’s product or market focus?
- How will the market respond to the transition given Spenda’s recent record revenue performance?
