Allied Technology chairman, Michael Addison, has temporarily assumed the role of group managing director as the services outfit hunts for a permanent CEO.
The executive chairman, who is mainly responsible mainly for mergers and acquisitions, said he had taken over the role following the departure of interim chief executive, Danny Sargeant.
Sargeant had assumed the position after company founder, Ray Doak, resigned in March. Addison said Sargeant's contract had now ended.
The appointment of a new CEO is slated to be announced by June 30. Several candidates were being considered by the board, Addison said.
"We have reached an advanced stage in the naming of a CEO," he said. "We are stabilising things and moving the process forward."
The search for a new leader comes in the wake of less than stellar financial results - Allied has predicted a loss of between $1.8 million and $2.1 million for the year to June 30, 2005.
According to an ASX statement, these losses related mainly to its network infrastructure and managed voice business, Allied Technologies Australia (ATA).
"ATA's revenue has been substantially lower than budgeted; losses were incurred on three major ATA projects; ATA's professional services and consultancy divisions made significant losses; and costs resulted from the decision to close these divisions. The group's poor performance was exacerbated by ATA's inadequate reporting systems," the statement read.
The group also maintains two other core subsidiaries: TUSC Computer Systems and ServicePoint.
Addison claimed a recent wave of executive appointments has strengthened the company outlook.
New recruits included industry veteran, William Masson, as CFO, and former Cisco executive, Tony Simonsen, as CEO of ATA.
"We're consolidating the business," Addison said. "We had a miserable profit outlook, but we're now moving forward."