Telecom Lead India: Business Support Systems (BSS) provider Subex said the company’s founder Subash Menon has resigned as MD and CEO.
The company is yet to announce the successor of Menon.
Menon has 1.63 percent equity stake in the company, as of July 2012.
He will continue in the capacity of a non independent director of the company.
“With the restructuring of FCCBs complete, I have decided to focus on my other business interests and hence this move,” Subash Menon said.
This is a sudden development as the company’s annual general meeting scheduled on September 28 was supposed to re-appoint him as MD and CEO.
Recently, Subex completed the FCCB exchange offer post approval from about 97 percent of the bond holders in value. The company issued new secured bonds worth $127.721 million with a maturity period due July 2017 with a conversion price of Rs 22.79 per share, at an interest rate of 5.70 percent, of which bonds worth $36.321 million will be mandatorily converted into equity shares at the aforesaid conversion price of Rs 22.79 per share.
In the first quarter of FY13, Subex recorded net income from operations of $15.12 million. Net loss was $0.73 million as compared to profit of $2.74 million.
In the recent past, Gartner ranked Subex as the market leader in the Revenue Assurance and Fraud Management for the second year in succession while Analysys Mason declared Subex the market leader in Business Optimization for an unprecedented fifth year in succession.