Diligent Corp, the governance software developer, appointed a permanent chief financial officer as it recovers from a string of errors in filing its financial statements.
Michael Stanton will today take over as CFO from interim CFO and corporate controller Alex Sanchez, who will continue as vice president and chief accounting officer, the New York-based, New Zealand-listed company said in a statement. Stanton was previously senior vice president of finance and treasurer at software-as-a-service education technology provider Blackboard and has almost 20 years experience in similar roles.
Diligent’s strong operating performance has been undermined by a slew of administrative errors forcing it to refile financial statements dating back several years. CFO Carl Blandino helped the company through the period of restating its accounts, and then handed over to Sanchez who held the role until a permanent replacement was appointed. Stanton will report to Diligent president and chief executive Brian Stafford.
“Michael’s long-term experience in scaling a SaaS business combined with his proven track record of maximizing shareholder value will be a tremendous asset to Diligent as we drive to the next level of growth,” Stafford said.
Diligent shares rose 1 percent to $5 and have slipped 5.9 percent so far this year.