The chief financial officer of Manchester-based delivery tech company Sorted has announced he will be leaving the firm a little over a year after the resignation of its chief executive.
Mahmoud Warriah will remain as the company’s finance chief and as an executive director of the firm until the end of his six month notice period.
The AIM-listed company has begun its search for his replacement and will announce further updates “when appropriate”.
“On behalf of the board, I wish to express my gratitude to Mahmoud,” said Simon Wilkinson, executive chairman of Sorted.
“His contribution to Sorted in the lead up and subsequent to the company’s RTO has been significant and I know he will continue to provide valuable input during his remaining time with the company.”
Founded in 2010, Sorted has raised over £70m from investors since its launch, however, last year after a difficult period the company was acquired in a reverse takeover deal worth less than £70 that saw it listed on the AIM.
Not long after, Carmen Carey resigned as chief executive, having held the role since 2021. Sorted stock has faired poorly since its reverse takeover, with a share price decline of around 78%.
The firm’s current share price is less than 30p, below the nominal value of its shares, 62.5p. As per UK company law, Sorted is therefore unable to issue new shares and announced alongside the CFO departure that it was proposing a share capital reorganisation.