Digiliti Money Group Inc. President and CEO Jeffrey Mack has resigned from his positions as well as from the board, effective immediately.

Mack will stay on as a consultant for the company. Executive Vice President and CFO Bryan Meier has been named interim CEO.

The company plans to evaluate its strategy moving forward, in light of the management changes, Meier said in a statement. The company also plans to cut its annual operating expenses by almost $3 million.

In the near term, Meier said the company will focus on its core products, growing its existing customers and being more selective about opportunities to pursue.