Article Highlights

Key Takeaway:

Cubic Transportation Systems, the largest fare-system vendor globally, has made a major personnel change–hiring former Vix CEO David Maitland as business development chief to replace its “turnaround expert” Rich Varos.

Key Data:

Email from Peter Torrellas to Cubic employee.

• Torrellas is under pressure to improve CTS’ financials, including reducing debt. Cubic Corp., which includes a defense-contracting business showed a net loss of $114.5 million in fiscal year 2022, according to figures obtained by Mobility Payments. That was compared with total revenue for Cubic Corp. of $1.35 billion during FY2022.

Organizations Mentioned:

• Cubic
• Vix Technology
• Kuba
• ICM Mobility
• Scheidt & Bachmann
• Go-Ahead Group

Cubic Transportation Systems has replaced its head of business development–and turnaround expert–Rich Varos with fare-industry veteran and former head of Vix Technology David Maitland, Mobility Payments has learned.

The move, coming after Varos was in the job only little more than seven months, was unexpected. Few inside Cubic, even members of Varos’ team, are believed to have known about planned changes.

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