AppTech Payments Corp. CEO and CFO Changes

Rhea-AI Summary

AppTech Payments Corp. (NASDAQ: APCX) announced significant leadership changes effective December 24, 2024. Luke D'Angelo has resigned as CEO and Executive Director but will continue as Chairman of the Board. Thomas DeRosa, who has served as Executive Director of Product & Project Management since August 2023, has been appointed Interim CEO. DeRosa brings over 40 years of experience in technology leadership.

Additionally, Meilin Yu's employment as Chief Financial Officer and Treasurer has ended. The company has appointed Felipe A. Corrado IV, who has served in various financial roles at AppTech for about 3 years, as the new CFO and Treasurer. Corrado brings over two decades of experience in financial leadership roles.

Positive

• Appointment of experienced Thomas DeRosa as Interim CEO with 40+ years of technology leadership experience
• New CFO Felipe Corrado brings 20+ years of financial leadership experience
• Former CEO maintains continuity by staying as Board Chairman

Negative

• Sudden departure of both CEO and CFO on the same day may indicate internal instability
• Interim nature of CEO appointment creates leadership uncertainty

Insights

Corporate Strategy Expert

The simultaneous departure of both CEO and CFO at AppTech Payments raises significant red flags, particularly for a microcap fintech company with a market cap of just $23.5 million. The timing - during the holiday period - and immediate effectiveness of these changes suggests potential internal challenges. The appointment of Thomas DeRosa as interim CEO, having only joined in August 2023, indicates a possible strategic pivot. His 40-year technology background could signal a stronger focus on product development and technological innovation. The internal promotion of Felipe Corrado to CFO provides some continuity, though the abrupt departure of the previous CFO without a transition period is concerning. For a NASDAQ-listed company, these executive changes could impact investor confidence and regulatory compliance capabilities. The retention of D'Angelo as Board Chairman might help maintain some stability, but this leadership upheaval could significantly affect the company's strategic direction and execution capabilities in the competitive payments technology sector.

Financial Governance Analyst

The executive restructuring presents material governance concerns. The immediate effectiveness of both C-suite changes without a structured transition period is particularly troubling for a public company. The timing of the Form 8-K filing coinciding with the announcement suggests possible compliance-driven urgency. Felipe Corrado's internal promotion to CFO, while bringing relevant experience, will face immediate challenges in maintaining financial controls and investor relations during this transition. The market cap of $23.5 million makes the company vulnerable to volatility from such significant management changes. The lack of a permanent CEO appointment and reliance on an interim solution could complicate strategic financial planning and capital allocation decisions. Investors should closely monitor upcoming financial disclosures and any changes in internal control certifications, as dual executive departures often precede financial restatements or strategic shifts that could impact shareholder value.

CARLSBAD, Calif., Dec. 30, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech or the “Company”) (NASDAQ: APCX) announced today that it has accepted the resignation of Luke D’Angelo, as the Company’s Chief Executive Officer and Executive Director effective December 24, 2024. Mr. D’Angelo will continue his employment as Chairman of the Company’s Board of Directors. The Company has appointed Thomas DeRosa to serve as Interim CEO.

“As I step down from my CEO and Executive Director roles, I am filled with immense pride for all we’ve accomplished together. It has truly been an honor to lead this incredible Company, and I’m grateful to have had the opportunity to work alongside such a talented and dedicated team. While transitioning from the CEO and Executive Director roles, I am excited to continue contributing to the company’s success in a new capacity. I remain fully committed to supporting our leadership and working together toward a bright future” - Luke D’Angelo.

Mr. DeRosa has served as Executive Director of Product & Project Management since August 2023, bringing over 40 years of experience in building and leading technology teams, with a distinguished track record as a CEO driving successful launches, turnarounds, and business transformations. At AppTech, he has played a key role in acquisitions, restructuring core teams, and ensuring financial alignment while consistently delivering strategic vision and operational excellence through his expertise in technology and leadership.

On December 24, 2024, Meilin Yu’s “Julia Yu” employment with and service as Chief Financial Officer and Treasurer of AppTech Payments Corp. ended.

On December 24, 2024, the Company’s Board of Directors appointed Felipe A. Corrado IV to serve as Chief Financial Officer and Treasurer of the Company. Mr. Corrado will serve as the Company’s principal financial officer in this capacity.

Mr. Corrado has served the Company in various financial roles for about 3 years. He brings over two decades of experience as CFO, management consultant, practicing CPA, and auditor.

Additional information will be provided in the Company's Form 8-K, which was filed with the Securities and Exchange Commission today.

About AppTech Payments Corp.

AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.

Forward-Looking Statements

This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

AppTech Payments Corp.
760-707-5959
info@apptechcorp.com

FAQ

Who is the new interim CEO of AppTech Payments (APCX) as of December 24, 2024?

Thomas DeRosa has been appointed as the interim CEO of AppTech Payments, bringing over 40 years of experience in technology leadership.

Why did Luke D'Angelo step down as CEO of APCX?

The press release does not specify the reason for Luke D'Angelo's resignation as CEO, though he will continue serving as Chairman of the Board.

Who replaced Meilin Yu as CFO of AppTech Payments (APCX)?

Felipe A. Corrado IV was appointed as the new CFO and Treasurer, bringing over two decades of experience in financial roles.

When did the leadership changes at APCX take effect?

The leadership changes at AppTech Payments, including both CEO and CFO positions, took effect on December 24, 2024.

What is Thomas DeRosa's background before becoming APCX's interim CEO?

DeRosa served as Executive Director of Product & Project Management at AppTech since August 2023, with over 40 years of experience in building and leading technology teams.