Weldon resigns from Diligent board, leaving company with compliance gap

Mark Weldon, former NZX chief executive, has resigned as a director of Diligent Board Member Services, effective tomorrow, leaving the governance software developer temporarily in breach of NZX listing rules.

Weldon's sudden departure comes after the New York-based company this month named Brian Stafford as president and chief executive, replacing Alex Sodi, who would become 'chief product strategy officer'.

As a condition of its NZX listing, Diligent is required to have two directors resident in New Zealand and the company said today it expects to name a replacement for Weldon shortly after its annual meeting on April 28.

Until then, "there will be a short period of time where the company will be out of compliance," it said.

Weldon said in the statement that Diligent "has a great product set, a very strong market position, and is now very well placed to grow."

Shares of Diligent last traded at $5.60, valuing the company at about $490 million. The shares have gained 16 percent in the past 12 months.