Monstermob fires CEO and co-founder
Strategic differences and poor performance cited
Lancashire-based mobile content provider Monstermob has effected a massive change to its managerial team, dismissing founder and former CEO Martin Higginson following differences in business strategy and their effect on the overall company performance.
Higginson was asked to stand down with immediate effect, having failed to convince fellow board members of the viability of his UK-centric business strategy, which apparently indered the company's plans for international growth and impacted heavily on Monstermob's recent financial performance.
Niccolo de Masi, who has led the company through its numerous international acquisitions and helped to forge partnerships in high growth areas such as China, the US, Russia, and the Philippines, will take over as chief executive offer in Higginson's stead.
Monstermob chairman Hans Snook told US website Citywire that the decision to axe Higginson was one of the most difficult choices he's had to make, commenting: "The issue was whether to focus on the UK or overseas which provides all our profits and where we believe the greatest opportunities lie. Martin wanted to provide a platform for growth in the UK and roll it out overseas, but we were not sure this was the right way forward."
The company has performed poorly in the UK mobile market of late, partially as a result of Ofcom's regulatory controls issued last year following numerous consumer complaints regarding hidden subscription charges from mobile ringtone providers.
"The UK mobile media market has suffered from adverse market conditions and we have been incurring costs developing new services in response," the company stated, announcing that its latest EBIDTA figures were expected to be approximately GBP 1.5 million lower than previously forecast.
Share price has plummeted following the news of Higginson's departure, although the company is committed to redressing the balance and continuing its expansion in high-growth markets abroad. Steered by Niccolo de Massi's international ambitions, Monstermob is confident in being able to offset the losses suffered as a result of Higginson's failed strategy.