Four directors of failed tech unicorn Powa Technologies were removed from the board just days after administrators were appointed, including the founder and CEO.
Powa’s CEO and founder Dan Wagner, deputy chairman Anthony Sharp, non-executive director Ivor Dunbar, and David Stirling, believed to be a non-executive director, all had their directorships terminated on February 19, according to documents lodged with Companies House. The Financial Times first spotted the terminations.
February 19 was two days after Deloitte was appointed as administrator to payments company Powa and the same day news of its collapse broke.
Deloitte, which now acts and speaks for Powa, declined to comment. It’s not clear whether any of the four ex-directors are still involved with Powa in any capacity.
Powa, once valued at $2.7 billion (£1.8 billion), raised at least $220 million over the last three years but ran out of cash in the middle of last month. Filings show the company had just $250,000 at the start of February and debts of $16.4 million.
Former acting CFO Steven Prowse said in a blog post on LinkedIn that the collapse of the business was “no surprise” and blamed management, accusing them of being “breathtakingly immature and bipolar.” Business Insider has not been able to contact Wagner for comment on these matters but the FT reports he has been advised not to speak to press.
Deloitte on Thursday sold off two of Powa’s three business units, taking care of all the company’s business in the UK, but an estimated 160 jobs remain at risk worldwide. Powa employed 311 people worldwide. So far, 75 people in the UK have been made redundant.