- Push-out Score determined
- After about half a year in the position
- Sean Feeney taking over
(exechange) — Malvern, Pennsylvania, May 13, 2020 — Don Layden, chief executive of USA Technologies, leaves. As announced by USA Technologies Inc. in a news release published on Monday, May 11, 2020 and in a regulatory filing published on Wednesday, May 13, 2020, Donald W. (Don) Layden, chief executive officer, has left the cashless payments and software services company after about half a year in the role, effective May 8, 2020.
The announcement of Don Layden’s move comes shortly after Douglas Bergeron took over as Chairman of USA Technologies, Inc.
Don Layden’s duties as CEO will be taken over by Sean Feeney, most recently chief executive officer of DefenseStorm, Inc.
The fact that Don Layden’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Set the company on the right path to growth and success”
USA Technologies did not give an explicit reason for Don Layden’s departure from the CEO post. Douglas Bergeron, Chairman of USAT, said: “USA Technologies is on the threshold of a great new chapter, as we look to set the company on the right path to growth and success. Sean joins as CEO after an extensive search, involving a wide range of outstanding candidates.”
Precise information regarding Don Layden’s future plans was not immediately available.
USA Technologies said: “Don Layden, USAT’s former CEO, has resigned from his position and has also resigned from the USAT Board of Directors.”
USA Technologies further said: “On May 10, 2020, Donald W. Layden, Jr., former Chief Executive Officer, agreed to resign his employment with USA Technologies, Inc. (the “Company”), effective as of May 8, 2020. Mr. Layden has further agreed to resign from his position as a director on the Board of Directors of the Company (the “Board”), also effective as of May 8, 2020, and will not stand for re-election to the Board at the Company’s upcoming 2020 Annual Meeting of Shareholders, scheduled to be held on May 21, 2020.”
“Not the result of any disagreement”
“The resignation was not the result of any disagreement Mr. Layden had with the Company on any matter relating to the Company’s operations, policies, and practices,” USA Technologies said.
Share price decline
The announcement follows a decline in USA Technologies Inc.’s share price of 14% since January 2020.
Chaired by Douglas Bergeron
USA Technologies Inc. is chaired by Douglas Bergeron.
In the position of CEO since 2019
Don Layden became CEO of the Company in 2019.
The Board had appointed Donald W. Layden, Jr., as the President and Chief Executive Officer of the Company (“CEO”), effective February 28, 2020.
The Board of Directors of the Company had appointed Layden as the interim CEO of the Company, effective October 17, 2019.
Layden has been a member of the Board of Directors of the Company since April 2019.
Layden is a Venture Partner at Baird Venture Partners, which he joined in December 2011.
Since October 2009, he has been an of counsel partner of Quarles & Brady LLP, where he practices corporate law.
Layden served on the Board of Directors of Firstsource Solutions Limited (NSE:FSL), a public company traded on the National Stock Exchange of India from April 2006 until March 2019.
Layden served as an independent director of Online Resources Corporation (NASDAQ:ORCC) from May 2010 to March 2013, when it was sold to ACI Worldwide, Inc.
From November 2009 to November 2011, Layden served as an adviser of Warburg Pincus LLC in the Technology, Media and Telecommunications group.
From October 2004 to October 2009, Layden held various positions at Metavante Technologies, Inc. (NYSE:MV), including as President of the International Group, and as Senior Executive Vice President of Corporate Development and Strategy, Corporate Secretary and General Counsel.
Prior to that, he served at NuEdge Systems LLC as Chief Operating Officer from 2000 to 2002 and as President from 2002 until 2004, when it was purchased by Metavante Technologies, Inc.
Prior to that, Layden held senior management positions with Marshall & Ilsley Corporation (NYSE:MI) from October 1994 until December 1998.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to USA Technologies and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2020 ($).