MALVERN, PA -- George R. Jensen Jr. resigned as chairman and chief executive of USA Technologies on Oct. 14, according to papers filed with the Securities and Exchange Commission yesterday.
USAT's board of directors had suspended Jensen on Oct. 5 pending an investigation by its audit committee for allegedly posting information about USAT on an Internet message board, according to an Oct. 12 SEC filing. In that filing, the company said it anticipated Jensen's resignation.
Jensen had been chief executive of the provider of wireless payment hardware and networking services for vending machines since its start in 1992.
USAT did not detail the content of the posts or say where Jensen left them. It did say in the filing that the company believes Jensen's "actions do not impact or have an effect on the historical financial results or audited financial statements of the company."
The company appointed Stephen P. Herbert, 48, interim chief executive and chairman upon Jensen's suspension. He had been president and chief operating officer of the Malvern, PA, company since 1999.
As part of his separation agreement, Jensen will get a lump-sum payment of $365,000, equal to one year's salary. He will also receive $45,000 for unused vacation time and the equivalent of a year's car allowance. Jensen will also receive more than 91,000 shares of common stock.
Jensen said that he would cooperate with further investigation into the alleged Internet postings. He also agreed not to make any comment on any medium about the company, including Internet message boards.