KEY POINTS:
Entrepreneur Peter Maire has taken the chairmanship of payment technology company Cadmus just days after selling a stake in rival firm Provenco.
Maire - through his investment vehicle Tahia Investments - upped his shareholding in Cadmus from 17.6 per cent to 19.8 per cent and yesterday took the
chair from Keith Phillips, who resigned with immediate effect.
Last week Maire sold a 3.64 per cent holding in Provenco for $5.1 million.
The two firms compete in the domestic eftpos market, which is about 20-25 per cent of Provenco's business.
Phillips' departure was not the only big change at Cadmus yesterday, with managing director Ian Bailey also stepping down. The board had unanimously agreed that a chief executive rather than a managing director was needed, the company said.
Jim Doyle, former chief executive of navigation technology company Navman - a firm founded by Maire in 1986 and later sold for $108 million - was appointed as interim chief executive.
Maire said he was pleased the interim role would be filled by Doyle, who had been working with Cadmus for the past five months.
"Now is the right time to progress from the considerable achievements of Ian Bailey and allow the business to take the next step with new thinking and direction," Maire said.
Yesterday's restructuring would enable the board to concentrate more on strategic planning, with a focused team driving the daily business, he said.
"We expect that this will be far more in tune with scaling the business and taking it to the next level."
The company planned to complete acquisitions to help drive rapid growth in both local and international markets.
Cadmus last year dropped plans to merge with ASX-listed Intellect Holdings but is holding talks to buy Intellect's primary operating subsidiary, which trades in Europe and South America.
Last month Maire said he wanted to buy back the fleet-tracking part of Navman, which gives companies the ability to track vehicles from a head office, from US owners Brunswick.
Maire sees potential for combining mobile payment technology with a fleet-tracking product.
Phillips said he was delighted to hand the chairmanship to Maire.
"Cadmus and the electronic payment industry is fortunate to have someone of his experience take over the helm," Phillips said.
Cadmus shares closed up 0.5c yesterday at 20c.
