Engin CEO leaves after 9 months

Troubled VoIP company and Seven subsidiary Engin has lost its chief executive officer Mark Zworestine after just nine months in the lead role.

Goodbye
(Credit: Engin)

"The company expresses its thanks to Mark for his efforts in helping to implement the rights issue, restructure the company's cost base and launch the new broadband product and website," Engin's company secretary John Kinninmont wrote to investors today, noting Zworestine had "resigned".

In January 2008, Zworestine had taken up the CEO position, moving up from his previous position as chief financial officer, which he began in October 2007.

Zworestine, who had led the company's recent restructure which halved its staffing levels from 160 to 88, had failed to see the company make a profit during his brief tenure. The financial highlight of Engin under Zworestine was that it had reduced its losses from $12 million in financial year 2007 to $8 million for financial year 2008. The reduction was primarily due to the $3.7 million profit collect from its stake in the now-Channel Seven controlled Unwired Group Limited.

Taking over Zworestine's role in the capacity of general manager will be Charles Solomon, who heads up Engin's sales and marketing department.

Zworestine has waved goodbye to a tidy $341,986 remuneration package, which consisted of $184,938 salary and $140,000 in share-based payment options.