Monstermob chairman Hans Snook said that Higginson was too focused on the UK market and that the board wanted to concentrate its efforts on emerging markets, where the mobile phone is the principal means for accessing digital content.
“Monstermob’s development and direction mean that the great bulk of its business and potential now lies far from the UK,” said Snook.
“This move reflects this and best meets the needs of the group for the future. We all have much to be grateful for to Martin, who had the vision to identify and establish a significant business opportunity and we wish him very well in all his future ventures.”
Higginson, who founded Monstermob in 2000 and remains its single largest shareholder with a stake of 16%, was informed of the board’s decision in an email. Higginson is said to be considering legal action.
Since Monstermob went public in 2003, the company has established itself in 26 territories through an aggressive acquisition strategy. But it has incurred serious costs developing its home market. It has lowered forecasts for its UK business by $2.8m as it predicted the division may only break even this year.
Monstermob named Group Managing Director Niccolo de Masi as Higginson’s replacement.