Governance/Management Changes and Strategic Review

GENERAL

Tue, Aug 29 2023 05:08 pm

NZX AND MEDIA RELEASE

29th August 2023

GEO ANNOUNCES GOVERNANCE AND MANAGEMENT CHANGES AND STRATEGIC REVIEW

Governance and Management

Geo Limited (GEO, Company) announces the following Board and management changes, effective from 30 September 2023:
• Independent Non-Executive Chair Rod Snodgrass will retire from the Board;
• CEO Tim Molloy will be appointed as Executive Chair; and
• Chief Revenue Officer Scott Player will be appointed as CEO.
Tim Molloy will be appointed a director under a casual vacancy and will stand for re-election at the upcoming Annual Meeting.
The Board thanks Rod for his efforts over a number of years, welcomes Tim into his new role and congratulates Scott on his appointment.

Cost Reduction Programme

The Company has now implemented a cost reduction programme to meet its 31 December 2023 cash burn guidance.
For the next twelve months Directors will be remunerated entirely in equity. Tim Molloy will move to three days a week and both Scott and Tim will take 20% of their remuneration in equity. These proposals will both be subject to shareholder approval at the 2023 Annual General Meeting.

Strategic Review

GEO is aware of consolidation occurring in the global Home Services software market and is launching a strategic review to determine investor appetite for a sale. This could lead to a transaction or restructuring of the Company.

For more information:
Tim Molloy
Chief Executive Officer
Tel: +61 411 592 180
Email [email protected]

ABOUT GEO
Geo is a leading SaaS business that provides job management platforms for trades, field and home service businesses. The market for Geo’s products is growing quickly as the global mobile workforce expands. Geo’s simple yet powerful software platform helps business owners reduce the complexity of running their business whilst saving time and improving cashflow.
For more information: www.geoop.com