iiNet CEO Steps Down

Written by Oonagh Reidy     19/11/2013 | 16:17 | Category: WIRELESS & NETWORKING

iiNet CEO is to step down temporarily, to recharge his batteries, he said today

iiNet CEO Steps DownMichael Malone is "taking a couple of months rest", an iiNet spokesperson confirmed to CN

The move was announced at the telco's AGM today, where it confirmed a bumper financial year with net profits soaring 64%, revenues up 13% to $941 million

iiNet CFO David Buckingham is taking on the chief role, temporarily. 

Malone founded the Perth-based iiNet in a garage in 1993.

"I founded this company 20 years ago and have never taken a substantial break. I feel that this is a good time for me to recharge, re-energise and prepare for the next big round of growth. I am planning to take a 3-6 month break to get ready for what's next," he said today. 

Malone said he is "am confident of their ability to continue to run and grow the business in my absence." 

"As many of you know I have a love of travel, trekking and climbing mountains and I plan to tackle some new peaks during this time. I am excited by the opportunity of recharging and then tackling new challenges at iiNet on my return.  

"I have a considerable investment in this business in every sense. It will be strange not coming to iiNet each day for a while, but I am very excited by the future."

iiNet today announced its best ever financials - earnings (EBITDA) rose  29% to $187 million; and net profit after tax was up 64% to $61 million. 

Just yesterday the No. 2 number two DSL broadband provider, announced the withdrawal of all NBN Interim Satellite plans for consumers. 

Malone said the telco was "absolutely gutted" it had to withdraw this "crucial service" from sale, which had 500 sign on's a week. 

The move was blamed on quality issues.