David Forth, who has held senior positions at AB Foods and Eddie Stobart, will step in as interim CFO.
Dass said: “I am extremely proud of what we have achieved at Cake Box, from first beginning to franchise the business model, to listing the business on AIM.
“After a decade with the business, now is the right time to move on following an orderly handover to David. I remain passionate about Cake Box and a supportive shareholder, and wish my dedicated colleagues all the very best for the future.”
Shares in the egg-free cake maker have dropped 35% since mid-January, when a finance blogger identified “an erroneous £2 million entry within the cash flow statement.”
Auditors RSM resigned in September 2021.
In its update today, the company also announced a new COO and marketing director as part of a boardroom shake-up. Cake Box said sales were on track to meet expectations.
Founded in 2008, Cake Box has since grown to over 180 branches across the UK. It reported revenue of £22 million in 2021.
CEO and co-founder Sukh Chamdal and his spouse Santosh Chamdal sold a 7.5% slice in the company, worth £11 million, just weeks before the share price tanked in January.
The firm set aside £460,000 last year to cover fees and fines after a malware attack resulted in the loss of customers’ personal data. Cake Box did not notify customers and shareholders about the data breach until a year after it took place.
It appointed internal auditors BDO to “ensure that stronger ongoing controls are operated across the group particularly in light of the data breach.“