FirstWave Cloud Technology (ASX:FCT) said Chief Financial Officer Iain Bartram has been retrenched from his role following mutual agreement, according to a Monday Australian bourse filing.
Bartram will serve a three-month notice period commencing Monday to ensure a smooth transition of responsibilities while the company has started a search for a fractional CFO.
The company added that the retrenchment marks the final step in corporate restructuring, which positions the company to focus on the development and sale of AI-driven compliance management products and monetization of the estimated 150,000 organizations using its free OpenAudIT product.
The company said it believes it is well-positioned heading into fiscal year 2026, having secured AU$2 million in sales since June and reporting a modest AU$9,000 cash usage from operating activities for fiscal year 2025.
The company is planning to employ a Chief Revenue Officer.
The company's shares rose 7% in recent Thursday trade.
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