Perth-based IT services provider ASG Group Ltd has announced the impending retirement of Stanley Lewis as chairman and director of the company, following the release of the company's half-year results in late February.
Perth-based IT services provider ASG Group Ltd has announced the impending retirement of Stanley Lewis as chairman and director of the company, following the release of the company's half-year results in late February.
He will be succeeded as chairman by Ronald Baxter, currently a non-executive director of ASG.
During his time as chairman, Mr Lewis led the ASG board through a period of high growth and achievement in the enhancement of shareholder value.
Since he became Chairman in 2003, ASG's revenue has grown from approximately $22.89 million to $75.85 million for the 2007 financial year.
During the period, ASG's profitability has increased over 1000 per cent and the company's market capitalisation has grown from $13 million to more than $180 million.
Mr Lewis was first associated with ASG Group in 1996 and appointed non-executive chairman of the company in 2003.
During his long business career, Mr Lewis served on a number of listed company boards in the resources and industrial sectors and held senior executive positions in corporate, commercial, and financial roles.
Mr Lewis, who celebrates his 75th birthday this month, said his retirement was part of the natural evolution of the business and its governance.
"I am very proud of the growth ASG has achieved in the past 4 years," said Mr Lewis.
"With more than 600 staff and offices throughout Australia, ASG is now established as a major IT service provider to the government and private sectors and poised for further growth.
"I feel happy that I am leaving the company in good hands," he said.
Mr Baxter praised Mr Lewis for his vital contribution to the company. "Stan has been a strong leader and a significant force behind ASG's evolution to become one of Australia's leading IT services providers," said Mr Baxter.
"Under his leadership the company has grown almost 14 times in market capitalisation, has developed an excellent reputation in the industry and established a solid platform for long term, sustainable growth."
"On behalf of the board of directors and the employees of the company I wish Stan good health and every success in his retirement and his future endeavours," he said.
Mr Baxter has served as an independent, non-executive director of the group since 1996, and has chaired the Audit Committee since the company listed on the ASX.
He has been involved in the IT industry for more than 35 years and has held executive positions with responsibility for information technology, finance, accounting and audit within large commercial and industrial organisations.
