iiNet appoints new CEO

Internet services provider iiNet has appointed David Buckingham as chief executive officer, filling the vacancy created by founder Michael Malone's departure almost four months ago.

Mr Buckingham, who has been acting in the position since November 2013 when Mr Malone first went on sabbatical, was appointed by the iiNet board after a global search.

The appointment comes just a week after Mr Malone's stake dropped below the 5 per cent substantial shareholding threshold, with around $8 million in share sales in the past few months, further distancing the entrepreneur from the company he founded in 1993 and listed in 1999.

"David has made the role his own over the past nine months, delivering the company's strongest ever results, market-leading customer service, and organic growth," iiNet chairman Michael Smith said in a statement.

Mr Buckingham joined the Perth-based company seven years ago as its chief financial officer.

Shares in iiNet rose 10 cents each, or 1.4 per cent, to $7.45.