Butn non-executive director Mike Hirst has resigned from the board, citing other commitments. He was the last remaining non-executive director on the SME finance company’s board. Earlier this month chair Suzanne Ewart resigned and made an immediate departure. Celesti Harmse, an appointee from major shareholder MYOB, also resigned this month. Non-executive director Georg Chmiel left in November and Helen Lea resigned in August. Chief executive Rael Ross stepped in as interim chair after Ewart’s resignation but yesterday announced the appointment of Cameron Petricevic as non-executive director and chair. The announcement did not say when he will start. Petricevic’s CV includes roles at AXA Asia Pacific, Acorn Capital and Kentgrove Capital. The board will be made up of Petricevic and executives Ross and Walter Rapoport. The company has given no explanation for all the departures and no indication of when it will return to having a majority of non-executive directors. The company reported a loss of A$3.2 million for the six months to December, compared with a loss of $2.9 million in the previous corresponding period.  Revenue grew from $5.4 million to $6.8 million but expenses, most notably funding costs, grew more. Cash used in operating activities was $1.9 million. The company has cash and cash equivalents of $5.7 million and net assets of $12.6 million.