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ReadCloud Limited (ASX:RCL)

ALERT: Price-sensitive ASX Announcement for RCL
Current share price for RCL : $0.061 -0.017 (-21.79%)+
Announcement
Release
13 May 2026 2:01PM
Price at Release
$0.078
Full Release
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Summary
ReadCloud Limited announced the transition of Andrew Skelton from his role as CEO effective 31 May 2026, with CFO Luke Murphy stepping in as Interim CEO from 1 June 2026. Skelton, who has led the company since May 2023, is credited with transforming ReadCloud through strategic clarity and financial discipline, achieving significant growth and positioning the company for sustainable progress. Notable achievements under his leadership included a 17% rise in eBooks sales and a 29% increase in VET-in-Schools revenue for FY25. The board will search for a permanent CEO, with Murphy expressing interest in the role. Skelton will continue as a consultant for a smooth transition, while Murphy receives additional compensation for his interim responsibilities.
Key Points
  • Andrew Skelton to conclude his role as CEO on 31 May 2026.
  • CFO Luke Murphy appointed as Interim CEO effective 1 June 2026.
  • Skelton to provide consulting services for three months post-transition.
  • Skelton acknowledged for transforming the company with focus on strategic clarity and financial discipline.
  • ReadCloud achieved strong revenue growth and operational self-funding status under Skelton's leadership.
  • Impressive business metrics reported: 17% increase in eBooks sales and 29% rise in VET-in-Schools revenue for FY25.
  • Growth continued with record cash receipts in schools businesses for March 2026.
  • Board to initiate a formal search for a permanent CEO with Luke Murphy as a candidate.
  • Luke Murphy has been CFO since 2017 and will receive an additional fee for his interim role.
  • No FY26 short-term or long-term incentives payable to Skelton upon transition.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.