Malone heads new startup

Michael Malone has taken on his next significant role since stepping down as chief executive of iiNet earlier this year.

Mr Malone has become chairman of a new startup information technology company based in Perth called Diamond Cyber.

The company was founded by Australian special forces personnel with the aim to provide the private sector with the discipline, governance and leadership present in the Australian Defence Force.

Also part of the company’s leadership team is founder and former Ajilon managing director Ian McFarlane, who is the new company’s managing director.

It’s understood Mr Malone’s role at Diamond Cyber will largely involve strategy and funding.

Mr Malone officially left iiNet, the company he started in 1993, in March this year after a period of extended leave since November 2013.

At the time of his resignation Mr Malone said he wished to dedicate his time to passions outside of running a business. He held 9 million shares in iiNet when he left the company, which were valued at around $69 million. In July, he reduced his stake below the 5 per cent mandatory reporting level by selling more than 1.1 million shares to net almost $8.5 million.

Mr Malone also become an independent non-executive director of network and satellite telecommunications service provider SpeedCast in May this year, and has also taken on an advisory role with national consultancy Market Eye, which handled iiNet's investor relations program.

Mr Malone started iiNet in his parents' garage in 1993 and went on to turn the business into Australia's second-largest DSL internet service provider.

He was named First Amongst Equals in Business News' 40under40 awards in 2006.