iiNet's Malone plans extended break

19/11/2013 - 13:40

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iiNet managing director Michael Malone will hand over control to chief financial officer David Buckingham for a three to six month period while he takes a break from duties, he announced at the company’s annual general meeting today.

iiNet managing director Michael Malone. Photo: Attila Csaszar

iiNet managing director Michael Malone will hand over control to chief financial officer David Buckingham for a three to six-month period while taking a break from duties, he announced at the company’s annual general meeting today.

Mr Malone said he had not taken an extended break from the company in the past 20 years.

“I love to climb mountains and there are a few peaks I will be looking to tackle over the next few months,” he said.

“It will be strange not turning up to work every day."

A date for handing over control was not disclosed but is expected to happen in the next few weeks.

Non-executive directors, Paul Broad and Simon Hackett have also resigned from their roles at the company.

Mr Broad advised that his resignation was a requirement of his appointment as managing director and chief executive officer at Snowy Hydro Limited to allow him to focus on that role.

Similarly, Mr Hackett's resignation was made necessary after his appointment to the NBN Co Board to avoid any potential conflict of interests between the two roles.

iiNet posted revenue of $941 million for FY13, up 13 per cent on the previous year, following the company’s recent acquisitions of ISP companies Internode and Adam Internet.

The ISP also increased sales in the Victorian market, which was partially attributed to its sponsorship of the Hawthorn Football Club.

Australian Shareholders' Association spokesperson Peter Jensen applauded iiNet’s business model and calibration to meet industry requirements, but noted the company did not meet all the remuneration markers the ASA required.

iiNet is the second largest digital subscriber line provider in the country behind Telstra and is valued at about $1 billion.

iiNet shares closed the day's trade 0.5 per cent lower at $6.32.

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