iiNet chief, Michael Malone, steps down to "tackle new peaks"

iiNet chief executive, Michael Malone, will take a break from the company for up to six months

iiNet chief executive, Michael Malone, has announced he will take a break from the company he founded for up to six months.

In a speech at the iiNet annual general meeting, Malone said he felt it was a good time to recharge, re-energise and prepare for the next big round of growth.

"I founded this company 20 years ago and have never taken a substantial break," he said.

"I am planning to take a 3-6 month break to get ready for what's next.

"I am very proud of the strength and depth of our senior leadership. I am confident of their ability to continue to run and grow the business in my absence."

Malone said he was excited by the opportunity of recharging and was looking forward to tackling some new challenges on his return.

"As many of you know I have a love of travel, trekking and climbing mountains and I plan to tackle some new peaks during this time," he said.

"Of course I have considerable investment in this business in every sense.

"It will be strange not coming to iiNet each day for a while, but I am very excited about the future."

Former chief financial officer, David Buckingham, will take over in his absence.

Non-executive director, Paul Broad, also announced he will step down, due other new executive commitments.

In 2013, the company recorded revenue of $941 million, up 13 per cent, while net profit after tax was up 64 per cent to $61 million.

A total dividend of 19 cents per share, fully-franked, was paid for the 2013 financial year. This was up 36 per cent on the previous year.

Tags annual general meetingMichael MaloneiiNet

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