March 15, 2011Global Axcess CEO out after 4Q lossGlobal Axcess Corp.’s top executive, CEO George McQuain, has resigned from the company, according to a public filing. Global Axcess CEO out after 4Q loss | Jacksonville Business Journal A news release about the company’s fourth quarter results states that McQuain’s departure was a mutual decision by him and the board of directors. The board appointed Lock Ireland, vice chairman of the board, and Michael Connolly, a director of the company, as co-interim CEOs while a search is conducted for a new CEO. Both men will receive $12,000 in salary per month during their service. Global Axcess Corp. (OTC Bulletin Board: GAXC), based in Jacksonville, is an independent provider of self-service kiosks, including automatic teller machines and DVD rentals. News of McQuain’s resignation came on the heels of the company’s fourth quarter results, which include a net operating loss of 5 cents to 6 cents per share, due in large part to losses related to the company’s DVD business. Before its slowdown, the company had been experiencing a profitable turnaround. “Despite the best efforts of management, the board has not been satisfied with the financial performance, particularly for the last three quarters,” Connolly said. “This dissatisfaction continued as we reviewed the preliminary results for the fourth quarter.” To reverse the trend, the board announced it has implemented “a variety of strategic initiatives specifically designed to reduce expenses, increase the profitability of our ATM business and accelerate the revenue from the DVD kiosk business.” Those initiatives included increasing ATM surcharges at select ATMs, negotiating lower vendor contracts and removing unprofitable DVD kiosks.
Global Axcess CEO out after 4Q loss | Jacksonville Business Journal |