Malvern-based USA Technologies, a provider of cashless payment solutions for vending machines, said yesterday in a filing with the SEC that chairman and CEO George Jensen had been suspended pending a probe into internet posts he had made, the nature of which have not yet been specified.
The company says it expects Jensen will resign his positions as chairman, CEO and board member "in the near future". Chief Operating Officer Stephen Herbert is serving as interim CEO.
Jensen has served as CEO of USA Technologies since 1992. The company says whatever it was he did will not impact its historical financial results.
USA Technologies (NASDAQ: USAT) shares are down 15.5% to $1.20 so far today.
More as it develops.