Marcus Hanke has walked away from the CEO post at geo-location technology provider 1Spatial (SPA:AIM) after a six year-plus run in the top job. Or perhaps he was pushed. Either way, it comes as no surprise after what can only really be described as a dismal tenure in both operating and share price terms.
Investors may have missed the announcement since it was posted in the dead zone between Christmas and the New Year on 30 December. It comes just 10 days after the £13.8m company's latest profit warning on 20 December.
We covered that news on the day, which you can read here, it gives an indication of just what a dog's dinner has been made of what at one time looked like some pretty exciting technology.
CFO Claire Milverton has been tasked with steadying the ship in the short term yet longer-term prospects do not look encouraging. Nearly £1m of cash was eaten through in the first half to 31 July although it did at that point have a cash buffer of a little more than £2.36m.
A further announcement is expected by the end of January, the close of its fiscal full year but 1Spatial's future surely lies along the 'package it up, sell it off' route. And to think, 10 years ago the share price was trading at 165p.
