Embattled Darren Herft quits as CEO of music streaming firm Guvera

The embattled chief executive of music streaming firm Guvera has resigned, the company has confirmed.

Darren Herft quit just over a week ago but his departure was not made public. Guvera is currently fighting for survival and has put two subsidiaries into administration.

Darren Herft

Darren Herft

A spokeswoman confirmed to Mumbrella this morning that Herft tendered his resignation on July 15, with Guvera founder Claes Loberg taking over as CEO on an interim basis.

She declined to comment further.

Loberg, quoted in the Courier-Mail, said Herft will still have a seat on the board “and work with us going forward”.

“My focus as CEO will be to further develop our platform in our top markets including India and Indonesia, as well as my current research into China,” he said.

Herft has been under intense pressure since the Australian Securities Exchange refused Guvera permission to list. In doing so, it wrecked Guvera’s plan to raise up to $100m through an initial public offering (IPO) and left the operation teetering on the brink.

The Gold Coast-headquartered streaming firm subsequently placed Guv Services and Guvera Australia in the hands of administrators, and cut around 40 jobs from its local operation.

Herft was among several senior managers to spruik the company in a series of YouTube videos designed to restore confidence in shareholders.

Herft, who is also founder of private equity firm AMMA, which raised funds for Guvera, could not be reached for comment.

One shareholder, Richard Kratochwil, told Mumbrella: “It was entirely predictable. Darren has worked very hard but sometimes you can’t see the wood from the trees. A fresh set of eyes is probably what’s needed.”


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