MALVERN, PA -- USA Technologies Inc. has appointed Stephen P. Herbert chief executive officer and chairman of the company's board of directors, effective immediately.
Herbert, 48, was named USAT's interim chairman and chief executive in October after George Jensen resigned from the top post amid allegations that he posted information about the company on an Internet message board. | SEE STORY
Herbert joined the Malvern, PA, vending technology company in 1996 and has served as a member of its board of directors since then. He has served as president and chief operating officer since 1999. As president, he oversaw all operations of the company including network operations, sales, marketing, research and development, and manufacturing.
Prior to joining USAT, which specializes in cashless vending, among other remote-control solutions, Herbert had been employed by Pepsi-Cola Co., where he held several management positions in operations, sales and marketing. In his final assignment, he was responsible for the development of market strategy for the vending and retail channels for Pepsi-Cola in North America.
"I'm grateful for the opportunity to serve the shareholders, customers and employees of USA Technologies in this new capacity at an important inflection point in the company's history," said Herbert. "Over the past several years the company has significantly increased revenue in conjunction with reducing its losses. I'll be intently focused on bottom-line-oriented accountability for the leadership of USA Technologies in order attempt to drive the company toward profitability."
USAT's revenues for the first-quarter ended Sept. 30 climbed 51% to $6.7 million. The company narrowed its loss to $78,954 during the quarter from a net loss of $1.9 million a year earlier. | SEE STORY