Intueri chief executive quits

The chief executive of troubled training provider Intueri [NZX: IQE], Rob Facer, has “stepped aside,” the company said today.

Chief financial officer Rod Marvin will be acting CEO while the company seeks a permanent replacement.

In a statement, Mr Facer said: “We have taken the organisation on a significant journey since listing and this is now an opportunity for the Board to pursue some fresh input to shepherd Intueri into the next phase of what I firmly believe is an exciting future.”  

Intueri’s announcement to the NZX included a comment from chairman Chris Kelly, who thanked Mr Facer for his tenure, “acknowledging his hard work and the considerable progress made since listing, despite difficult market conditions and significant regulatory changes.”

He said the board “is totally supportive of Rod Marvin and is confident in his ability to lead Intueri at this time.”

Mr Facer, who is also stepping down from the board, will continue in an advisory capacity “for a period of time to assist Intueri in respect of regulatory reviews,” the company said.

Alongside the leadership announcement, Intueri updated guidance on its first half result, due on August 29, and its expectations for the year.

First half performance was “solid,” it said, with underlying earnings before interest, tax, depreciation and amortisation of $10 million, compared to $10.5 million in the same period last year.

Full year underlying ebitda was expected to be about $15 million, down from $23.5 million last year.

Cost cutting and restructuring in its domestic business were expected to produce savings of $5 million this year and $8 million in future years, the company said.

Intueri said it was working with its bank “to ensure future covenants accommodate the latest outlook.”

Mr Kelly said the company continued to trade profitably “and we believe the initiatives we are undertaking this year will strengthen our organisation and create a solid platform for future growth.”

A review of its Quantum Education Group business by government regulator the Tertiary Education Commission was expected to conclude this year, it said.

Separately, the Serious Fraud Office told NBR this week its investigation into Intueri, which began in January, is continuing.

A substantial security holder notice filed today showed fund manager Harbour Asset Management had bought a net 3.2 million Intueri shares for a net $1.5 million, increasing its stake from 7.2% to 10.4%.

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