ASX-listed services company, Volante Group, is looking for a new CEO after Allan Brackin announced his intention to step down.
Although the announcement was a shock to most people outside the Volante boardroom, the blow has been softened by Brackin agreeing to stay until his successor has been found. The timescale for finding a replacement, expected to be somewhere between three and six months, will also allow the recently acquired Ipex PC manufacturing business to be fully integrated before his departure.
“I have wanted a change for the past 18 months and have announced my intentions so we can start the search for a replacement,” Brackin said. “We will now go through the process of finding out who is available and make the right choice sometime in the next few months.”
One man definitely throwing his hat into the ring is current Volante Systems managing director, Hugh Bickerstaff.
“The search will be conducted internally and externally,” Bickerstaff said. “I will definitely be a candidate.”
While Brackin would consider future boardroom opportunities at Volante or elsewhere, he said he would not be taking up another CEO role. His immediate intentions were to increase his involvement with a couple of not-for-profit organisations he has been working with.
“If the new CEO wants me on the board there’s a chance I will do that,” he said “There’s a lot of knowledge in my head that people will want to keep.”
While it could be another six months before Brackin leaves, depending on how the search for his replacement progresses, he is likely to leave the company on something of a high.
As previously reported in ARN, February saw the completion of its second large merger in four years when it paid $70 million for Australia’s second largest PC manufacturer, Ipex.In an ASX announcement publicising Brackin’s decision to step down, Volante Group chairman, Robin Crawford, predicted net profit for the financial year ending June 30 would exceed $11 million. A final announcement is slated for August 26.
The projected profit levels are a significant jump from $6.3 million last year, due largely to the Ipex acquisition.
“Ipex made a very good contribution but Volante would have posted better figures than last year anyway,” Brackin said. “We have invested heavily in the services and outsourcing business, which has delivered well. The product [side of the business] hasn’t been great but we will continue to lead with services and pull product through.”
Brackin joined Volante as CEO back in 2000, when it merged with AAG Technology Services, where he had been managing director. That deal was valued at about $30 million.