EROAD (ASX:ERD) CEO and Managing Director Steven Newman resigns

Transportation technology services company EROAD (ERD) says Steven Newman has resigned from the EROAD board and as CEO, effective immediately.

Together with the board, Mr Newman had began succession planning in 2020.

With the relaxation of COVID-19 rules and the completed acquisition of Coretex, the company has now started an international search for potential CEO candidates, and says it is “well advanced with a process to appoint a new CEO in the first half of 2022”.

The board paid tribute to Mr Newman, who founded the company, calling him a “visionary in devising new technology to make … roads safer and more sustainable”.

It said he has created a New Zealand success story with EROAD which now has over 200,000 connected units across New Zealand, Australia and the US and over 640 EROADers in these countries.

The company said that EROAD is in a transitional period as it moves into the next phase of growth.

“As EROAD continues to expand its customer base and operations, the CEO will drive EROAD’s global growth in all markets, and with a particular focus on North America given the greatly increased customer base we now have in that market.”

The board has appointed Mark Heine as Acting CEO effective today, pending finalisation of the CEO appointment process.

ERD shares last traded at $3.72 early today.