iiNet CEO Malone resigns

Telco to appoint search firm within days with a view to find new chief by end of FY.

iiNet (INN) chief executive office and board director Michael Malone has resigned after being on sabbatical since November 2013.

Acting CEO David Buckingham, who has held the role for the last three months, will continue in the role while the board conducts an international search for Malone’s permanent replacement.

The telco said Mr Buckingham will be considered for the role, and it will appoint a search firm in the next few days with a view to appointing a new chief executive by the end of the financial year.

In November Mr Malone said he has "never taken a substantial break" since founding the company 20 years ago.

"I feel that this is a good time for me to recharge, re-energise and prepare for the next big round of growth," he said.

Yesterday Mr Malone said he had made the choice to permanently leave the company.

“During this time away from the business, it became clear to me leading iiNet and its passionate staff requires 24x7 commitment, energy and enthusiasm. I have been able to achieve that for over 20 years but have come to the point where I want to dedicate my time to other opportunities.”

Last month iiNet posted a 19% jump in first half underlying profit. In the six months to December 31 the company delivered a net profit after tax of $31m and paid an interim dividend of 9 cents to shareholders.