The optical components and subsystems supplier said chief financial officer David Toews will leave the company for a new opportunity as of Aug. 31. Enablence has initiated a search for his replacement; the company thanked him for his service and contributions to the company in a press release.
The firm further announced that past executive Dan Hilton would join the board of Enablence. Mr. Hilton was previously senior vice-president of corporate development, among other positions, and has served on boards of public, private and not-for-profit companies.
"His return to Enablence and familiarity will add operational and industry insight," Enablence stated.
Enablence warned shareholders earlier this year that it was flirting with insolvency and also announced the departure of CEO Tim Thorsteinson. But as of early July, it appeared the pressure had eased a bit after the company received a US$3 million bridge loan to maintain operations.
"Thanks to the continued support of our Tier 1 customers and key suppliers, we have been able to operate normally through the month of June. We expect to report an increase of over 30 per cent in revenues for the June quarter as compared to the March quarter," stated Peter Dey, chair of Enablence, at the time.
The Toronto-based company, which has a presence in Ottawa, reported a net loss from continuing operations of $9.1 million on lower revenues in its last quarterly results. This included an impairment charge of $5.7 million.
Enablence has been struggling financially for several quarters, taking steps such as selling an underperforming systems division that ate half of the company's cash reserves, as well as selling inventory and reducing staff.
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