Quarterhill Announces CFO Departure
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and enforcement solutions in the Intelligent Transportation System industry, announced that CFO Kyle Chriest will depart at the end of January 2025 to pursue another opportunity. Morgan Demkey, current VP Operations, has been appointed Interim CFO while an executive search is conducted.
CEO Chuck Myers highlighted the company's substantial progress in 2024, including business integration, non-core asset divestment, cost structure streamlining, and technical capability enhancement. The company maintains its strategic direction and financial outlook as previously discussed in the Q3 earnings call, with Q4 2024 results expected in mid-March 2025.
The CFO departure is not related to any disagreements regarding operating performance, financial results, or accounting practices. The company expects to leverage its recent achievements for top-line growth and margin expansion in 2025 and beyond.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), un fornitore leader di soluzioni per il pedaggio e l'applicazione della legge nel settore dei Sistemi di Trasporto Intelligente, ha annunciato che il CFO Kyle Chriest lascer脿 l'incarico alla fine di gennaio 2025 per perseguire un'altra opportunit脿. Morgan Demkey, attuale VP Operations, 猫 stato nominato CFO ad interim mentre viene condotta una ricerca per un nuovo dirigente.
Il CEO Chuck Myers ha evidenziato il sostanziale progresso dell'azienda nel 2024, compresa l'integrazione aziendale, la dismissione di asset non core, l'ottimizzazione della struttura dei costi e il miglioramento delle capacit脿 tecniche. L'azienda mantiene la propria direzione strategica e le prospettive finanziarie come discusso nella chiamata sugli utili del Q3, con i risultati del Q4 2024 previsti per met脿 marzo 2025.
La partenza del CFO non 猫 correlata a disaccordi riguardo alle prestazioni operative, ai risultati finanziari o alle pratiche contabili. L'azienda prevede di sfruttare i propri recenti successi per la crescita del fatturato e l'espansione dei margini nel 2025 e oltre.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), un proveedor l铆der de soluciones de peaje y aplicaci贸n en la industria de Sistemas de Transporte Inteligente, anunci贸 que el CFO Kyle Chriest dejar谩 su puesto a finales de enero de 2025 para perseguir otra oportunidad. Morgan Demkey, actual VP de Operaciones, ha sido nombrado CFO interino mientras se lleva a cabo una b煤squeda ejecutiva.
El CEO Chuck Myers destac贸 el avance significativo de la empresa en 2024, incluyendo la integraci贸n empresarial, la desinversi贸n de activos no esenciales, la optimizaci贸n de la estructura de costos y la mejora de la capacidad t茅cnica. La empresa mantiene su direcci贸n estrat茅gica y perspectivas financieras como se discuti贸 anteriormente en la llamada de resultados del Q3, con los resultados del Q4 2024 esperados para mediados de marzo de 2025.
La partida del CFO no est谩 relacionada con desacuerdos sobre el rendimiento operativo, los resultados financieros o las pr谩cticas contables. La empresa espera aprovechar sus logros recientes para el crecimiento de ingresos y la expansi贸n de m谩rgenes en 2025 y m谩s all谩.
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CFO鞚� 韲挫鞚� 鞖挫榿 靹标臣, 鞛 瓴瓣臣 霕愲姅 須岅硠 甏�頄夓棎 雽�頃� 鞏措枻 攵堨澕旃橃檧霃� 甏�霠澊 鞐嗢姷雼堧嫟. 須岇偓電� 斓滉芳鞚� 靹标臣毳� 氚旐儠鞙茧 2025雲� 鞚错泟 毵れ稖 靹膘灔瓿� 毵堨 頇曤寑毳� 霃勲頃� 瓿勴殟鞛呺媹雼�.
Quarterhill Inc. (TSX : QTRH) (OTCQX : QTRHF), un fournisseur de premier plan de solutions de p茅age et d'application dans l'industrie des Syst猫mes de Transport Intelligent, a annonc茅 que le CFO Kyle Chriest quittera ses fonctions 脿 la fin de janvier 2025 pour poursuivre une nouvelle opportunit茅. Morgan Demkey, actuel VP des op茅rations, a 茅t茅 nomm茅 CFO par int茅rim pendant qu'une recherche ex茅cutive est r茅alis茅e.
Le CEO Chuck Myers a soulign茅 les progr猫s importants r茅alis茅s par l'entreprise en 2024, y compris l'int茅gration des affaires, la cession d'actifs non essentiels, l'optimisation de la structure des co没ts et l'am茅lioration des capacit茅s techniques. L'entreprise maintient sa direction strat茅gique et ses perspectives financi猫res comme discut茅 lors de l'appel sur les r茅sultats du Q3, avec des r茅sultats pour le Q4 2024 pr茅vus pour la mi-mars 2025.
Le d茅part du CFO n'est pas li茅 脿 des d茅saccords concernant la performance op茅rationnelle, les r茅sultats financiers ou les pratiques comptables. L'entreprise pr茅voit de tirer parti de ses succ猫s r茅cents pour la croissance du chiffre d'affaires et l'expansion des marges en 2025 et au-del脿.
Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), ein f眉hrender Anbieter von Maut- und Durchsetzungsl枚sungen in der Branche der intelligenten Transportsysteme, hat angek眉ndigt, dass CFO Kyle Chriest Ende Januar 2025 gehen wird, um eine andere M枚glichkeit zu verfolgen. Morgan Demkey, der derzeitige VP Operations, wurde zum Interim CFO ernannt, w盲hrend die Suche nach einem neuen Gesch盲ftsf眉hrer durchgef眉hrt wird.
CEO Chuck Myers hob die betr盲chtlichen Fortschritte des Unternehmens im Jahr 2024 hervor, einschlie脽lich der Gesch盲ftsintegration, der Ver盲u脽erung von Nicht-Kernverm枚gen, der Optimierung der Kostenstruktur und der Verbesserung der technischen F盲higkeiten. Das Unternehmen h盲lt an seiner strategischen Ausrichtung und den finanziellen Perspektiven fest, wie zuvor im Q3-脺bertragungsgespr盲ch besprochen wurde, wobei die Ergebnisse f眉r das Q4 2024 Mitte M盲rz 2025 erwartet werden.
Der Abgang des CFO steht nicht im Zusammenhang mit Unstimmigkeiten bez眉glich der Betriebsleistung, finanzieller Ergebnisse oder buchhalterischer Praktiken. Das Unternehmen plant, seine j眉ngsten Erfolge f眉r Umsatzwachstum und Margenausweitung im Jahr 2025 und dar眉ber hinaus zu nutzen.
- Company completed substantial business transformation including integration and cost streamlining
- Strategic direction and financial outlook remain unchanged
- Orderly CFO transition process with interim replacement already appointed
- Departure of CFO, a key executive position
- Additional expenses likely for executive search and new CFO compensation
Mr. Chriest will remain with Quarterhill until the end of January to ensure an orderly transition. The Company has engaged an executive search firm to assist in recruiting a new CFO. Morgan Demkey, VP Operations, has been appointed Interim CFO while the Company conducts its CFO search. Mr. Demkey joined Quarterhill in 2021 as Director of Finance and transitioned into the VP Operations role in 2024. Prior to that, Mr Demkey held a variety of progressively senior finance roles in various organizations, including KPMG LLP. Mr. Demkey holds both Chartered Professional Accountant (CPA) and Chartered Accountant (CA) designations and has a Masters of Professional Accounting degree from the University of
"I'd like to thank Kyle for his leadership and valuable contributions during a pivotal 18 months for the Company. We wish him the best in his new role," said Chuck Myers, CEO at Quarterhill. "In 2024, we made substantial progress in turning around the Company - integrating our businesses, divesting non-core assets, streamlining our cost structure, and enhancing our technical capabilities. With this transformation process nearly complete, we believe we are well-positioned to capitalize on these achievements and drive top-line growth and margin expansion in 2025 and beyond."
Mr. Chriest's departure is not due to any disagreement with the Company or the board regarding its operating performance, financial results, accounting principles, practices or financial statement disclosures. The Company remains confident in its strategic direction and financial health, with no changes to its outlook as previously discussed during the Q3 earnings call on November 8, 2024. Quarterhill expects to report its Q4 2024 results in mid-March 2025.
About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: .
Forward-looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), including, without limitation, statements regarding the CFO transition, the Company's positioning for future growth and success, and timing of release of its Q4 2024 results. Such forward-looking statements relate to future events, conditions or future financial performance of 鈥嶲uarterhill based on future economic conditions and courses of action. All statements other 鈥巘han statements of historical fact may be forward-looking statements. Such forward-looking statements 鈥巃re often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", 鈥庘��"plan", "goal", "expect" and similar expressions.
Forward-looking statements involve known and unknown risks, assumptions, 鈥巙ncertainties and other factors that may cause actual results or events to differ materially from those 鈥巃nticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand and competition for CFO talent; demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at . The Company believes the expectations reflected in 鈥巘he forward-looking statements are reasonable, but no assurance can be given that these expectations 鈥巜ill prove to be correct and such forward-looking statements included in this news release should not be 鈥巙nduly relied upon.鈥幝燤aterial factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to attract talent and execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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