iSelect’s Limited
(ASX:ISU) chief executive resigned less than four months after the company floated on the share market due to disagreements with the board.
The company told media the move was completely unrelated to an investigation by ASIC.
Matthew McCann resigned shortly before the company revised down its revenue targets by $6 million for the year to December following demands by the regulator to clarify a potentially misleading announcement on August 29.
iSelect has confirmed its revenue will be softer than expected, due to weaker returns in health and car insurance.
However, it stood by its forecast for EBITDA of $30 million, excluding costs relating to the float.
iSelect generated a net profit of $13.4 million in fiscal 2013.
