Majesco CFO Announces Resignation
Majesco's Executive Vice President, Chief Financial Officer, John Gross has announced that he will be leaving the company. Majesco says via press release that their current Senior VP, Corporate Controller and Chief Accounting Officer Michael Vesey will serve as temporary CFO when Gross leaves, effective August 20, 2010.
CEO Jesse Sutton said, "John has provided strong financial leadership to the company for the last five years, effectively managing the balance sheet, reducing operating costs and helping guide us towards improved profitability. He's done a great job representing the Company and we thank him for his service. Mike has worked closely with John and will have an easy transition to his role as Interim CFO."
Currently, Majesco is in danger of being delisted from the NASDAQ stock exchange. They received the warning back in March, and they have until August the 30th to hold their stock above $1 for at least 10 consecutive trading days. As of the time of this writing their stock closed at about 68 cents a share. If delisted, Majesco will lose their awesome NASDAQ symbol: "COOL." That would probably make them very unhappy.