Stephen Maskens, chief executive officer of Hipstar, has sensationally quit the Network Data-owned Home Information Pack provider today.
Network Data’s CEO Richard Griffiths has blamed the government’s recent U-turn on HIPs for forcing the firm to adopt “a lighter and more sales-focussed management team.”
Maskens leaves with another senior member of the management team. On top of that, Hipstar will now be restructuring its management team and staffing levels are being reviewed.
A number of temporary staff have been let go and new recruitment put on hold.
When the government first made its announcement on May 22, the AIM-listed Network Data Holdings said that it would have little impact on its business model.
But rumours started to circulate yesterday that Maskens had quit and up to 30 members of staff were for the chop. But this was denied by Griffiths.
Hipstar still retains 24 staff for August 1 and Griffiths has taken over as Hipstar CEO for an interim period until further notice.
He says: “We are appreciative of the considerable amount of work that Maskens has contributed to Hipstar, but now feel that a lighter and more sales-focussed management team is required moving forward.
“We continue to maintain a long-term view of the HIP market and have adapted our strategy in order to deliver a competitive HIPs proposition.”