The interim CEO of UrtheCast (TSX:UR) is leaving the orbit of the Earth-imaging company after deciding not to renew his three-month term.
Greg Nordal took the interim position in March, following the departure of co-founder and former CEO Wade Larson amid financial strains at the Vancouver-based startup.
The company announced Thursday (May 30) that Nordal’s last day on the job was May 29.
Nordal is also among three boardroom members who will not be seeking re-election at a June 25 shareholders meeting.
Chairman Tye Burt, who has overseen the company as it grew from 80 employees to 280 employees, will not run for re-election, as well as director Letitia (Tish) Long, the former head of a U.S. intelligence agency.
The management shakeup comes after UrtheCast confirmed earlier this month it had secured a US$142-million loan to help construct and deploy six satellites as well as supply working capital.
The company also closed a $34.4 million private placement in early May.
As of April 30 the company said it had $4.8 million cash on hand, down from $7.5 million a month earlier.
UrtheCast acknowledged earlier that month that it did not have enough working capital to guarantee it could cover its commitments for another 12 months.
It is not clear who is leading the company in the absence of Nordal.
UrtheCast said in a release it’s “in the advanced stages of a CEO search and will provide a progress update in due course.”
On UrtheCast’s webpage, chief financial officer Sai Chu is listed below Nordal, who is still listed as interim CEO as of May 30.
Chu did not immediately reply to Business in Vancouver for comment.
