John Busshaus has resigned from his post as CFO of Libsyn. According to an Oct. 2 filing with the Securities and Exchange Commission, “The company has eliminated Mr. Busshaus’ responsibility for financial reporting and related functions and responsibilities that he performed.” His exit is related to a complaint filed by the SEC connected to Busshaus’ actions as former CFO of FAB Universal, Libsyn’s previous parent company.
The regulator’s complaint alleges that Busshaus and former FAB CEO Christopher Spencer engaged in negligence and misrepresentation between 2012 and 2013. Both former executives agreed to a settlement “without admitting or denying the allegations,” and Busshaus has signed off on a two-year suspension from any accounting work involving the SEC, according to RAIN’s report.
Gabriel Mosey has been named interim Chief Financial Officer, “succeeding Mr. Busshaus as the principal financial officer and principal accounting officer of the company,” the SEC filing notes, with a search for a permanent Chief Financial Officer ensuing. Mosey has been Libsyn’s Controller since May 2018.
The company stresses: “This transition did not arise from any issues involving Liberated Syndication’s financial results, business practices, internal controls or financial reporting procedures.”
Meanwhile, Libsyn also shared a hint of its third-quarter results in a release, saying that podcast hosting subscriptions grew 13% year over year and were up a robust 15.7% from Q2 2019. The company ended third quarter with more than 67,000 active podcasts and 5.6 million available episodes hosted.
“We are excited about the continued potential for new podcasts and listeners,” said Rob Walch, VP of Podcaster Relations. “In Q3, we continue to see a tremendous eclectic mix of significant new shows. Podcast audience’s tastes are very broad and there is great opportunity for growth in all genres. We expect the ongoing diversity of podcast voices over various topics will fuel further growth in current and underserved markets.”