iSelect says CEO Matt McCann has resigned and revenue will fall short of a prospectus forecast released before the comparator’s June stock exchange debut.

Executive Chairman Damien Waller says Mr McCann and the board disagreed on the importance of growth through acquisitions.

“Differences of opinion between the board and Matt led to him tendering his resignation,” he said. “The board was much more focused on organic growth.”

CFO David Chalmers will be acting CEO while an executive search company looks globally for a replacement

iSelect has cut its operating revenue forecast for the calendar year to $126.5 million from an outlook of $132.5 million in the prospectus.

It cut the health and car insurance revenue outlook to $98.6 million from $106.3 million after deciding to postpone a car marketing campaign until the second half of this fiscal year.

iSelect released the trading update after the Australian Securities and Investments Commission asked it to clarify its earnings before interest, tax, depreciation and amortisation forecast for this calendar year.

iSelect says it remains confident of achieving the forecast figure of $30 million, excluding costs from the initial public offering.

“Having issued this trading update iSelect understands that, at this time, there are no outstanding questions or requests from [the regulator] that remain unanswered,” the company said in a statement to the Australian Securities Exchange.

Mr McCann joined iSelect in 2008 as head of corporate development and became CEO in January last year.

iSelect’s share price has slumped since listing. The shares closed at $1.56 on their first day of trading, down on the initial public offering price of $1.85. They ended last week at $1.26.