David Sear, CEO of Weve, the joint venture between mobile network operators EE, Telefonica’s O2 and Vodafone, has resigned from his position. He departs the company after one and a half years at its helm. Weve said the departing chief executive would remain at the company while it searches for a successor this summer.
The mobile advertising and mCommerce joint venture has helped the three operators to compete with new competition in the sector. In partnership with MasterCard, Weve is currently working on the roll-out of a mobile payment service in the UK. The three telecoms companies have also invested heavily in infrastructure to run mobile marketing campaigns across the networks and software to store loyalty cards on mobile devices.
Weve posted full-year revenue of £13 million in May. The company said at the time that its mobile messaging division had generated the revenue stream as its display and wallet services were still in beta phase. With an initial investment of £38 million from its three shareholders, the company made a loss of £25 million, according to accounts filed at Companies House.
Weve told Mobile: 'We can confirm that our CEO, David Sear, has accepted a new role and will be leaving Weve in due course. David will continue to lead Weve through the transition and at this busy and successful time for the company. We have no further details to share at this stage and will be making details of our new CEO public in due course.'