CEO Nancy Knowlton and David Martin, the executive chair, will step down from the company effective Monday.
They will remain as directors of the Calgary-based firm, which has a presence in Kanata. Ms. Knowlton will become vice-chair of the board, and Mr. Martin the chair.
"It is with a great deal of pride and optimism about Smart's future opportunities in both the business market and new education markets that Dave and I are preparing to leave the company in the capable hands of the management team and dedicated staff at all levels," Ms. Knowlton, who is married to Mr. Martin, stated in a press release.
No reason for their resignations was presented in a press release. When contacted by OBJ, Smart Technologies declined comment.
In the last quarterly results, released in February, the company's net income fell about 13 per cent year-over-year to $10.9 million.
"Our gross margin during the third quarter was impacted by lower projector pricing within our bundled solutions, as well as increased sales to emerging international markets," stated Ms. Knowlton at the time.
"We expect to offset this decline in our gross margin through product design projects, realizing cost savings associated with the move of assembly operations to contract manufacturers in low-cost jurisdictions, and the continued drive to grow sales in the business segment."
The company also lowered its fiscal 2012 guidance, saying adjusted net income will fall 10 per cent year-over-year. Revenues will be "near the low end" of Smart's previous target of flat to a decrease of five per cent.
Smart also expects to lay off two-thirds of the Kanata workforce of 300 people by the end of fiscal 2012 as all digital whiteboard assembly is shifted to contract manufacturers.
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