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Peter Torrellas, who officially took over as president of Cubic Transportation Systems last week, has made what is believed to be his first major personnel move, dismissing the former senior vice president of engineering and products Galen Chui, Mobility Payments has learned. More dismissals expected as the large fare-system supplier seeks to rebuild market confidence and win more contracts.
Cubic Corp. has millions in quarterly debit-service payments to make and ratings agency Fitch was not impressed with progress by private-equity owned Cubic, which is also a defense contractor. Fitch in late July revised Cubic’s credit rating to negative from stable and downgraded its rating to B-, a low rating.
• Cubic
Peter Torrellas, who officially took over as president of Cubic Transportation Systems last week, has made what is believed to be his first major personnel move, dismissing the former senior vice president of engineering and products Galen Chui, Mobility Payments has learned.
Torrellas announced Chui’s departure today to Cubic employees (see message on this page). Chui, who will leave the company Nov. 10, has served in a lesser post, as general manager of the Asia-Pacific
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