CEO of Malvern’s USA Technologies Resigns, Leaves Company in ‘Strong Competitive Position’

By

Stephen Herbert

Stephen Herbert, the CEO of Malvern-based USA Technologies, has resigned amid a proxy battle brought about by the fintech company’s largest investor, Hudson Executive Capital, writes Jeff Blumenthal for the Philadelphia Business Journal.

Herbert will be replaced on an interim basis by board member Donald W. Layden Jr. The company that focuses on cashless and mobile transactions in self-serve retail markets plans to hire an executive search firm to find its new permanent CEO.

Albin Moschner, USAT Board Chairman, thanked Herbert for his more than two decades with the company.

Herbert was CEO for the last eight years, during which he led USA Technologies to significant growth. However, the company lost $48 million over the last two years.

Herbert leaves the company with its financial disclosures up to date and the balance sheet strengthened by a new $50 million investment.

“I leave USA Technologies in a strong competitive position,” he said.

His departure comes three days after Hudson Executive Capital announced plans to nominate a slate of independent candidates to take over the board. The hedge fund claimed it had “exhausted every reasonable means” to bring about desired changes to the company’s operations.

Read more about USA Technologies in the Philadelphia Business Journal here.

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