Neovia Confirms C.E.O. Departure Date

5/21/2009 by Gaming Industry Media Staff

Neovia Financial, the online payments provider, has confirmed that Ronald D. Martin, 45, the group's president and chief executive, will officially step down on May 31.

Neovia Financial, the online payments provider, has confirmed that Ronald D. Martin, 45, the group's president and chief executive, will officially step down on May 31.

In March, Neovia said Mr. Martin would be departing due to "family reasons" after three intense years as the company leader.

Dale P. Johnson, 63, will assume executive responsibility for the company until a new chief executive is appointed, Neovia said.

Additionally, Neovia said that Dan Starr, executive vice president, and Doug Terry, chief financial officer, will assist Mr. Johnson in day-to-day executive management in addition to their existing roles.

"On behalf of the board and management team, I would like to thank Ron for his significant contribution to the group over four challenging years," Mr. Johnson said in a company statement.

"In the current challenging market conditions, the board and management team are focused on maximizing revenues in the short term, maintaining control over costs and preserving cash to deliver value for all shareholders," he added.

In an interview with IGamingNews in December, Mr. Martin described 2007, particularly, as year when challenging business decisions had to be made.

"Clearly, one of the most challenging and heart-wrenching things for me was letting go of a lot of people that had done a lot to drive the company to where it was and who were talented," he said.