McCann resigns as iSelect CEO

David Chalmers named acting CEO, CY13 revenue downgraded.

Matt McCann has resigned from iSelect (ISU) and will be replaced on a temporary basis by David Chalmers while a global search for a new chief is undertaken.

In a statement to the Australian Securities Exchange, iSelect said Mr McCann's resignation was effective immediately.

Chief financial officer Mr Chalmers will take on the role of acting CEO, while executive chairman Damien Waller will assume increased day-to-day responsibilities until a permanent replacement is found.

Mr Waller thanked Mr McCann for his work at iSelect, saying he was crucial in the group's initial public offering on the ASX earlier this year.

iSelect's share price sits at $1.26 as of Friday's close, 32% below its initial offer price after it debuted with a 15% first-day fall in June and shredded its credibility when it missed its first official guidance for the full year in August.

The Australian Securities and Investment Commission requested the company hand over several files in response to the miss.

In a separate announcement, iSelect downgraded its revenue guidance for 2013, anticipating revenue to come in at $126.5 million, below its prospectus revenue forecast for $132.5 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) was reaffirmed at $30 million.

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