- Push-out Score determined
- After less than two and a half years in the position
- Praise, thanks and good wishes for Feeney
- Ravi Venkatesan taking over
- Feeney kept it short and said 56 words
(exechange) — Malvern, Pennsylvania, September 8, 2022 — Sean Feeney, chief executive of Cantaloupe, leaves. As announced by Cantaloupe Inc. in a news release and in a regulatory filing published on Thursday, September 8, 2022, Sean Feeney leaves his post as chief executive officer at the digital payments and software services company, after less than two and a half years in the role, effective September 30, 2022.
Sean Feeney’s duties as CEO will be taken over by Ravi Venkatesan, currently chief operating officer at Cantaloupe Inc.
Sean Feeney’s move coincides with a management shake-up also involving the position of chief technology officer.
“We expand internationally and into adjacent markets”
Cantaloupe did not give an explicit reason for Sean Feeney’s departure from the CEO post. Douglas Bergeron, chairman of Cantaloupe, said: “During his time as COO, Ravi has launched compelling new product offerings and proven that he is the right person with the vision to lead Cantaloupe as we expand internationally and into adjacent markets.”
Precise information regarding Sean Feeney’s future plans was not immediately available.
“Retire”
Cantaloupe said: “Venkatesan, who currently serves as Cantaloupe’s COO, will succeed Sean Feeney, who will retire from Cantaloupe as of September 30, 2022. Feeney will step down from the Board of Directors and Venkatesan will join the Board of Directors, effective October 1, 2022.”
Cantaloupe further said: “On September 8, 2022, Sean Feeney, the Company’s Chief Executive Officer, announced his retirement and resigned from his role at the Company and its subsidiaries, effective September 30, 2022.”
Share price decline since September 2021
The announcement follows a decline in Cantaloupe Inc.’s share price of 44% since September 2021.
In the position of CEO since 2020
Sean Feeney became CEO of the Company in 2020.
Prior to joining the Company, Feeney was CEO of DefenseStorm, Inc., a cybersecurity management platform providing cloud-based and compliance-automated solutions to financial institutions.
Previously, he served as CEO of GT Nexus, a cloud-based privately-owned supply chain platform, which was acquired by Infor.
Prior to that, he was as an Operating Partner at Golden Gate Capital (GGC), a San Francisco-based private equity firm.
While there, he advised on software-focused acquisitions, and also stepped in as Interim CEO for Critigen, a GGC portfolio company providing GPS consulting and data management IT services.
He was also CEO at Inovis, until its sale to GXS in 2010 (OpenText), and earlier in his career held senior management positions at CheckFree which was acquired by Fiserv.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Sean Feeney’s move on a scale of 0 to 10.
exechange reached out to Cantaloupe and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2022 ($).