Tenet Fintech Sees Sudden Departure Of CEO, Co-founder Johnson Joseph

Tenet Fintech (CSE: PKK) shareholders were left asking questions over the weekend after the Friday evening news that CEO Johnson Joseph had “left the company effective immediately.” Joseph had been at the helm since 2011, when he co-founded the company.

Little was said by the board on the departure of Joseph, with the associated news release notably absent of a customary “thank you for your service.” It is also believed that Joseph was removed from his role as a director of the corporation, however this was not explicitly stated within the announcement.

The board instead focused on the appointment of Raji Wahidy as COO and acting CEO of the company. Wahidy joined the firm in January 2022, serving in the role of Vice President of Operations.

“In its recent review of succession planning, the Board was pleased with Mr. Wahidy’s fresh approach to operations and product direction strategy at Tenet. We look forward to working closely with him and supporting him as we continue to deliver innovative and successful products to our customers,” commented Carol Penhale, Chair of the Board.

The sudden departure of Joseph follows a year in which the company has seen the value of its equity tumble from a high of $4.89 a share to a low of $0.57 which was seen just last week.

A follow-up announcement posted early this morning by the company saw Penhale again reiterate her support for Wahidy in the role, while the company announced plans to streamline operations. Few details on the plans were actually revealed however, with Wahidy simply stating, “We have two businesses – one in Canada, and the other, in China. [..] The Company is taking immediate steps to streamline operations and improve efficiencies to better support those services.”

Amid investor concerns that Liang “Golden” Qiu may be leaving the company soon as well, the CEO of the firms Chinese operations commented that he “remains committed” to the company and will work with Wahidy to align global operations.

Tenet Fintech last traded at $0.66 on the CSE.

---

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.