The former managing director and chief executive of Perth-based Amcom Telecommunications Ltd, Eddy Lee, will resign at the end of this month, the company announced today.
Mr Lee, who had earlier announced plans to resign in September, will be leaving to pursue other business interests.
He will be replaced by former chief executive officer Clive Stein, who has been acting in the role since April
The full text of a company announcement is pasted below
The Board of Directors wish to advise that following a successful transition from Amcom's Managing Director & CEO Mr Eddy Lee to Mr Clive Stein (Managing Director & CEO Designate), Mr Eddy Lee will step down from his executive role at the end of June 2007 to pursue other business interests. Mr Lee will also leave the Board at this time.
"Under the stewardship of Eddy, significant shareholder value has been created during his six years with Amcom with market capitalisation increasing from $25m to $126m today. Eddy has led the management team with a strong 'market-based' modus operandi and this no doubt has enabled the company to weather the storms of a start up telco to now become a market leader in our space", said Tony Grist, Amcom's Chairman.
On behalf of the Board of Directors of Amcom Telecommunications Limited, Mr Grist extends their appreciation to Mr Lee for a "job well done" and wishes him all the best for the future.
Mr Grist explained that one of the intrinsic strengths of a growth company is that of a carefully planned succession strategy. "Eddy's ongoing commitment to succession planning at all levels within the company has allowed us to fill the position internally and ensure a smooth transfer of the baton".
"Eddy as Chief Executive and Clive as Chief Operating Officer, have worked closely together over the last 5 years - Clive is now well-equipped and ready to take the company forward" said Mr Grist.
