EduFocal Limited is doing away with its chief financial officer role in a move the company says is part of efforts to streamline its operations and build a more agile organisation.

In a notice posted to the Jamaica Stock Exchange on Monday, EduFocal said it has ended its relationship with outsourced finance firm Signature Creed & Associates, which had been serving as its fractional CFO up to mid-June. The service is often utilised by start-ups and young companies as a cost-saving measure.

The company is now shifting to a new structure where financial oversight will be handled by a financial controller reporting directly to CEO Gordon Swaby. However, Gordon says the new finance lead will not sit on EduFocal’s executive management team, signalling the company’s push to flatten its leadership structure and reduce administrative costs.

“Effective June 16, 2025 Signature Creed & Associates will no longer serve as EduFocal’s fractional CFO. This follows the formal termination of their engagement dated May 16, 2025. We thank Signature Creed & Associates for their professional service and valuable contribution to the company during their tenure,” the notice said.

The announcement also comes alongside news of board member Lloyd Swaby’s resignation, effective June 19. No reasons were given for his departure, but EduFocal said the changes are not tied to any disagreements about financial reporting, strategy, or governance.

Instead, the company is positioning the shake-up as part of its broader push to cut costs, improve focus, and respond more quickly to market opportunities.

“These changes form part of a broader operational restructuring initiative aligned with EduFocal’s objective of operating a leaner and more agile organisation,” it said.

The shift in structure follows a better first-quarter performance, though the company still ended the period in the red. EduFocal posted a net loss of $1.34 million for the three months to March 2025 — a major improvement over the $20.87-million loss it recorded a year earlier. Revenue remained flat at just under $30 million but operating profit turned positive at $5.61 million, reflecting deeper cost-cutting and tighter spending across the business.

Administrative expenses were slashed by more than 60 per cent year on year, falling to $12.88 million and helped by what EduFocal describes as “internal restructuring and cost-efficiency initiatives”.

The company, which builds education platforms and training tools, recently reorganised its operating divisions to reflect its evolving mix of services. It now has two main business lines: an education division, which includes products like EduFocal Academy, Quizzative, and its AI-powered learning tools; and a commercial division targeting enterprise clients with onboarding, compliance, and employee engagement software.

Despite lingering financial pressures — including a capital deficit of more than $134 million and ongoing high finance costs — the company is leaning on new products like its AI-driven Amigo platform to fuel future growth. EduFocal says early feedback on the platform has been promising, and it’s eyeing opportunities outside Jamaica to expand its reach.

— Karena Bennett