Touch Ventures CFO follows CEO out the door
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The news: Touch Ventures chief financial officer and investor director, Gerard Pais, will depart the listed venture capital fund on 15 April.
The numbers: The Afterpay-backed fund has written off around half the value of its portfolio of private retail-focused tech companies in the last two years, or some $60 million.
Its share price has fallen by 83% since the fund listed on the ASX in October 2021, valuing the company at just $53 million, less than the remaining cash on its books. The stock's price last closed at $0.076.
The context: In an announcement to the ASX, the company said Pais was leaving to "pursue other opportunities" and that his finance-related duties would now be managed internally.
Pais departs Touch just weeks after CEO Hein Vogel finished up his four and a half year run at Touch. The shakeup follows Glenn Poswell's Ganett Capital becoming the largest single shareholder in January.
A revised investment strategy is expected to be announced at Touch's annual general meeting on 7 May.
The source: ASX announcement
