Axed EzeATM CEO seeks board spill

A fraud at a cash carrier cost EzeATM A$256,000, the company disclosed yesterday.

The loss from the fraud is one factor in a cut in the company's projected profit for 2013 to an EBITDA of $1.5 million, down from $1.7 million.

Other reasons cited include "a significant increase in overhead costs and the deployment of machines into unprofitable locations," a statement lodged with the ASX said.

All three factors may explain the firing last week by the company's board of its chief executive, Todd Zani.

Zani may not be taking this decision well, however. He is seeking the removal of three directors from the board - Mark Jones, the chair; Douglas Rose; and also Chad Zani (his brother and a co-founder with him of the independent automatic teller machine network).

EzeATM confirmed it was taking advice from KPMG and said it had appointed Robert Kelly, a former KPMG partner, as chief financial officer.