Tenet Fintech sees sudden departure of CEO, co-founder Johnson Joseph
Tenet Fintech (CSE: PKK) Shareholders were left asking questions over the weekend following Friday night’s news that CEO Johnson Joseph had “left the company effective immediately.” Joseph had been at the helm since 2011, when he co-founded the company.
Little was said by the board upon Joseph’s departure, with the accompanying press release notably absent with a standard “thank you for your service.” It is also believed that Joseph was removed from his role as a director of the company, but this was not explicitly stated in the announcement.
The board instead focused on the appointment of Raji Wahidy as COO and acting CEO of the company. Wahidy joined the firm in January 2022, serving in the role of Vice President of Operations.
“In its recent succession planning review, the board was pleased with Mr. Wahidy’s fresh approach to operations and product direction strategy at Tenet. We look forward to working closely with him and supporting him as we continue to deliver innovative and successful products to our customers,” commented Carol Penhale, Chairman.
Joseph’s sudden departure follows a year in which the company has seen the value of its equity fall from a high of $4.89 per share to a low of $0.57 seen last week.
A follow-up announcement published early this morning by the company saw Penhale again reiterate his support for Wahidy in the role, while the company announced plans to streamline operations. Some details of the plans were indeed revealed, with Wahidy saying simply: “We have two operations – one in Canada and the other in China. [..] The company is taking immediate steps to streamline operations and improve efficiency to better support these services.”
Amid investor concerns that Liang “Golden” Qiu may leave the company soon as well, the CEO of the firm’s Chinese operations commented that he “remains committed” to the company and will work with Wahidy to align global operations.
Tenet Fintech was last traded at $0.66 on the CSE.
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As the founder of The deep dive, Jay is focused on all aspects of the firm. This includes operations, as well as serving as lead writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay does freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
