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Just weeks after Sydney-based private equity group Gannet Capital acquired a significant stake in Touch Ventures (ASX: TVL), the CEO of the listed investment company has announced his resignation following four-and-a-half years in the role.
Touch Ventures CEO and chief investment officer Hein Vogel says he will leave the company on or about 29 March 2024 with plans to pursue other opportunities.
“I believe that now is a good time for me to move on to my next challenge and allow Touch Ventures to continue to evolve with the recent emergence of a new significant shareholder in Gannet Capital which is represented on the Touch board by Glenn Poswell,” says Vogel.
“I wish the board and the team all the best.”
Poswell joined the Touch Ventures board after Gannet Capital acquired a 17.8 per cent stake in the company last month.
Touch Ventures had previously noted that Poswell’s appointment has added ‘significant investment and funds management experience to the board’.
The company has yet to announce a replacement for Vogel.
The Gannet Capital stake represents the majority of the 19.99 per cent holding offloaded by Afterpay’s parent company Block last month.
Touch Ventures, which is focused on high-growth investment opportunities globally, was established in 2016 by Afterpay with its shareholding transferring to Block following the US group’s $29 billion acquisition of the buy-now-pay-later operation in 2022.
Touch Ventures chairman Mike Jefferies paid tribute to Vogel’s tenure as CEO, which included the company’s transition to a listed company in 2021.
“Hein played a key role in listing the company and establishing its investment portfolio since he joined in late 2019,” says Jefferies.
“He helped navigate the company through the significant adverse market adjustments occurring in the tech sector in recent years. We wish him all the best in his future endeavours.”
Touch Ventures posted a $15.4 million loss in calendar 2023, largely driven by $12.9 million in revaluations including a downgrade in the capital values of PlanPay and Till Payments.
In announcing the result last month, Vogel described 2023 as ‘another challenging year’ with the group actively working with its portfolio of companies as they adjust to the ‘new market conditions’.
Following the announcement of Vogel’s resignation today, Touch Ventures says it is ‘continuing the process of reviewing its investment strategy’.
The company says it will be in a position to provide an update to shareholders at the annual general meeting to be scheduled for early May 2024.
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