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Bulletproof co-founder steps down

Bulletproof co-founder steps down

Changes to company board and directors continue

Lorenzo Modesto, Bulletproof’s (ASX:BPF) co-founder and director of strategy has resigned from his role effective 1 September.

Modesto, who was “instrumental” in the company’s growth over 16 years, is leaving to pursue “other interests” but remains as a substantial shareholder.

He held several leadership executive roles during his 16 years with the company including COO, executive director and lastly director of strategy. Modesto has held a managing director position with Domains and Web for the past 18 years.

Bulletproof has also announced changes to its board with Ken Carr joining from 1 September. According to the company, Carr brings strong skills in Government, experience in audit and compliance, It and digital strategy and outsourcing. He also brings experience in finance, capital raising and strategic financial analysis.

David Paterson will step down from the board in the next annual general meeting to take place in November.

The company said the changes will support the executive team that has been refreshed over the past year.

“We strongly believe the refreshed board will deliver improved governance and positions the company positively as it continuous its turnaround strategy, focusing on driving shareholder value,” Bulletproof non-executive director and chair of ARC, Craig Farrow, said.

“The board would like to thank Lorenzo Modesto and David Paterson for their service and value, and wish them the very best for the future,” said farrow.

The board will continue the search for an additional director.

In June the company secretary, Kylie Turner, stepped down with CFO, Paula Kensington, and Damien Connor appointed as joined secretaries.

Chief operating officer, Mark Rainbird, resigned in June after four months with the company.

In July, Bulletproof downgraded its full year profit forecast by roughly $500,000, telling shareholders to expect a $2 million in underlying earnings before interest and tax (EBIT).

At the same time, however, Bulletproof told customers that its revenue would be $500,000 more than initially forecast, with the company expecting to report revenues of $49 million.

Cloud House directors took Bulletproof to court following claims it allegedly mismanaged the acquired business operations of Cloud House in a bid to miss performance targets and prevent multimillion-dollar earn-outs.

The claim alleges that Bulletproof’s management and business decisions after the acquisition of the Cloud House business assets resulted in the business “not achieving” the earn-out to which it is alleged to be entitled.

The ASX-listed cloud hosting provider acquired the Auckland-based cloud specialist in January 2016, in a deal worth NZ$1 million up front, with a further NZ$4.2 million to be paid in a 50/50 split of cash and shares based on performance until 30 June 2017.

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