Weldon resigns from Diligent board, leaving company with compliance gap

Wednesday 8th April 2015

Mark Weldon, former NZX chief excecutive, has resigned as a director of Diligent Board Member Services, effective tomorrow, leaving the governance software developer temporarily in breach of NZX listing rules.

Weldon's sudden departure comes after the New York based company this month named Brian Stafford as president and chief executive, replacing Alex Sodi, who would become 'chief product strategy officer'.

As a condition of its NZX listing, Diligent is required to have two directors resident in New Zealand and the company said today it expects to name a replacement for Weldon shortly after its annual meeting on April 28.

Until then, "there will be a short period of time where the company will be out of compliance," it said.

Weldon said in the statement that Diligent "has a great product set, a very strong market position, and is now very well placed to grow."

Shares of Diligent last traded at $5.60, valuing the company at about $490 million.

The shares have gained 16 percent in the past 12 months.

BusinessDesk.co.nz

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