LibertyOne has announced the appointment of four new directors to its Board, as the Internet company prepares for Asian expansion and Nasdaq listing next year.
Chris Muldoon, LibertyOne's senior manager, public affairs, said the Board expansion would breathe new life into the organisation, but rejected the notion it would be the "saviour" of the company.
"LibertyOne doesn't need saving!" Muldoon exclaimed. "You only have to look at our performance since listing [on the ASX in December last year]. We've exceeded all revenue forecasts, made inroads into Asia, and launched new products. The listing price was 50 cents -- now it's $3. It's been enormously successful."
With industry speculation that the Internet bubble could be about to burst, LibertyOne is keen to prove it has substance as well as style. The company has been going through a period of rapid change, with the snap departure of Warren Lee as CEO several weeks ago after only six months on the job.
This followed a share price correction after the price hit record levels, fuelled by weeks of speculation that the company would be bought out. LibertyOne was in negotiations to be purchased by an unknown company, widely rumoured to be China.com, but the company announced the deal had fallen through.
Muldoon told ARN that new CEO Graham Bristow has made it a priority to expand and consolidate the Board.
"We're very fortunate to attract such quality candidates," Muldoon said. "It's a strong indication LibertyOne is heading in the right direction."
Nick Whitlam, president of NRMA, will assume the role of chairperson, replacing Jerry Austin, who will continue as a director. Mark Hauser, Michael Nock and Gabriel Yu will join as non-executive directors, bringing international experience in Asia and North America to the Board.