Allied founder Doak resigns as CEO

Allied founder Doak resigns as CEO

Allied Technologies co-founder and CEO, Ray Doak, has relinquished the role as the company plans to rebuild its corporate charter.

Former Getronics head and CFO, Danny Sargeant, has been appointed interim CEO until a permanent replacement is found.

Allied executive chairman, Michael Addison, said Doak's expertise had been in building up the company from scratch.

It was now time to introduce a new managing director with more experience of running a publicly listed company, he said.

"Ray's style of management was based on entrepreneurial principles," he said.

"The way forward, under new corporate government rules and compliance, demands a CEO with more of a public company outlook and style.

"Ray built the company from a grassroots level. We need someone with more of an in-depth knowledge of ASX rules who can deal with the investment community."

Despite resigning from the CEO post, Addison said Doak would still be involved with the company as a strategic consultant. He also remains the majority shareholder with a 22 per cent stake.

Addison stressed the services company would continue to weigh up all new opportunities for growth, including further acquisitions.

For the past two years, Allied has followed an aggressive acquisition strategy, buying up an array of services organisations. The most recent of these was Melbourne-based infrastructure provider, TUSC Computer Systems, in August. Its purchase of the ServicePoint business in April last year also gave the company a backdoor listing on the stock exchange.

While there were a number of internal candidates vying for the role, Addison said the company was interested in receiving outside applications.

Sargeant would not be standing for the job, he said.

"I'd liked to have someone in place by the end of the financial year," Addison said.

Follow Us

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments