Publishing Technology has announced that CEO Michael Cairns has stepped down, effective immediately. Current chief technology officer David Montgomery has been named acting CEO.

The news of Cairns' departure came in an earnings update that warned of a projected net loss for the year, due to "a number of key pipeline opportunities being delayed into 2016" and one "pipeline opportunity that has been lost."

Cairns assumed the helm at Publishing Technology in April, 2014, succeeding retiring CEO George Lossius. Cairns previously was Publishing Technology’s online division chief operating officer, a position he had held since May 2013. In that role, Cairns was responsible for the company's ingenta connect portal and flagship pub2web platforms. Previously, Cairns served as president of R.R. Bowker for seven years.

"The board believes that David Montgomery, with his extensive technology background, software track record and experience of working closely with our customers, is the right choice to take the company forward," said Martyn Rose, executive chairman of Publishing Technology, in a statement.