Ottawa-based photonics manufacturer Enablence Technologies has promoted from within to replace its CEO, the latest in a number of recent changes at the top for the struggling company.
Evan Chen, previously Enablence’s chief strategic officer, has replaced Jacob Sun as chief executive, the company said this week.
Mr. Sun had only been in the role since October. Mr. Chen now becomes the fifth person to hold the position since April 2010. While one of the previous CEOs, John Roland, was appointed on an interim basis, his tenure was longer than Mr. Sun’s.
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Enablence (TSX-V:ENA) has struggled for several years to maintain revenues and return to profitability.
The company made a series of acquisitions in 2007 and 2008, but the recession hit Enablence hard, forcing write-downs of the new acquisitions and causing the company to take a $76.8-million loss in fiscal 2009.
Enablence had an accumulated deficit of $84 million as of Dec. 31, up from $78 million at the end of June last year.
The company’s auditors have included “going concern warnings” in the company’s audited financials in recent quarters. The warnings are intended to notify investors that a company is at risk of becoming insolvent within the coming year.
