The pivot follows a four-month attempt by interim CEO David Scott to stabilize the firm through mergers or asset sales, all of which failed to materialize. Scott cited the company’s limited capital and the prolonged timeline required to reach commercial viability as the primary drivers behind the decision to cease all AI-related expenditures.
The restructuring has triggered a leadership exodus. The company confirmed the resignations of President and COO James Hendrickson, CTO Hari Thiruvengada, and Chief Science Officer Karl Friston. Hendrickson’s departure was reportedly linked to internal disputes over compensation practices, specifically the non-payment of wages to W-2 employees. Beyond the management turnover, VERSES is terminating its licensing agreement with Prodigii AI and severing ties with its major global investment firm. While the company continues to explore potential transactions, management cautioned that there is no guarantee these efforts will result in a viable path forward or allow the firm to continue operations.
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