Xref CFO Resigns, Initiates Restructuring, Shares Up 8%

MT Newswires Live

03/21

Xref (ASX:XF1) said its Chief Financial Officer James Solomon has decided to resign amid an ongoing restructuring process, according to a Friday Australian bourse filing.

The company's Finance Director will assume the role of CFO while keeping his current role, the filing added.

The company said its management has recently initiated a restructuring to deliver annual cost savings of about AU$900,000.

The restructuring changes will not impact revenue growth or product development but will enhance operating cash flow through reduced overheads, the filing said.

The company's shares were up 8% in recent Friday trade.

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