Australia's iSelect CEO resigns, expects lower FY14 revenue
SYDNEY Oct 14 (Reuters) - The chief executive of Australian online comparison company iSelect Ltd has resigned with immediate effect, the company said on Monday, as it warned it would not meet its revenue target in the 2014 fiscal year.
Matt McCann had been with iSelect for six years.
iSelect shares have lost almost 30 percent since the company's debut in June. The stock rallied 3.2 percent on Monday.
Chief financial officer David Chalmers has been named acting CEO while the company searches for a replacement.
"Based on trading activity in H2 FY13 and Q1 FY 14, management expects revenue to be lower than prospectus forecast by A$2.4 million in H1 FY14," iSelect said, reiterating its earnings before interest tax, depreciation, amortisation and IPO costs of A$30 million in the year to end-December 2013. (Reporting By Maggie Lu Yueyang; Editing by Paul Tait)
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