Gemplus CFO joins boardroom exodus

Smartcard maker admits year hasn't been great...

Struggling smartcard maker, Gemplus, admitted yesterday that it lost E100m in 2001. The company posted revenues of E251m for the fourth quarter 2001 and said it expected revenue to drop a further 15 per cent in the first quarter this year. The company made a net profit of E99m in 2000. The company's chief financial officer, Steve Gomo, said he would step down in March, joining CEO Antonio Perez and chairman Marc Lassus, who quit the firm in December. Interim CEO Ron Mackintosh admitted that the last 12 months had not been good for the company but said he would launch a lengthy review of its business processes and structure. Gemplus hopes changes at the top of the company will help the company reverse the trend of a disastrous year. The company has lost 70 per cent of its market value since its IPO and issued four profit warnings this year as weak demand in the mobile phone market put pressure on its revenues. The company is rumoured to be planning to cut another 1,000 jobs this year on top of the 1,150 staff laid off over the previous 12 months.