Tuesday, September 1, 2015

Jensen resigns as CEO of USA Technologies

In charge since the electronic payments firm was started in 1992, George Jensen resigned Friday after being suspended Oct. 5.

Jensen resigns as CEO of USA Technologies

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USA Technologies Inc., a Malvern technology firm that provides electronic payment systems to vending machines, has parted ways with its longtime CEO, George R. Jensen Jr.

Jensen, 62, resigned Friday, nine days after the company suspended him over postings he made concerning USA Technologies on an Internet message board, according to a filing with the Securities and Exchange Commission. Jensen had been the CEO since the company was started in January 1992.

Shares of USA Technologies were down about 2.5 percent, or 3 cents, to $1.15 in trading shortly after noon.

The company appointed Stephen P. Herbert, 48, as interim CEO and chairman on Oct. 5. He'd been president and chief operating officer of USA Technologies since August 1999.

USA Technologies had revenues of $22.87 million for its fiscal year ended June 30, up from $15.77 million for the previous year. Its net loss narrowed to $7.12 million, or 26 cents per share, for its most recent year compared with a loss of $12.31 million, or 55 cents per share.

USA Technologies had 42 full-time and three part-time employees as of Aug. 31.

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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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