Addison quits LongReach

Addison quits LongReach

$150,000 golden parachute softens the blow

LongReach CEO and managing director, Michael Addison, has quit his post effective immediately. His sudden departure comes just months after he helped guide the complex merger of Allied Technologies Group with the LongReach Group in November.

Addision received a $150,000 pay out, based on six months pay in lieu of notice, according to a LongReach company statement.

Chief financial officer, William Masson, will take over as CEO in an interim capacity while the company's board begins the search for a replacement. Both internal and external applicants are on the cards.

Overshadowed by Addison's high-profile departure, a non-executive member of the company's board, Alan Moore, has also tendered his resignation. LongReach chairman, Allan Farrar, said the staff changes were part of a management reshuffle.

"There was originally a plan to have the company operating a number of different business units with a separate head office," he said, "We have now decided to integrate the head office operation with the business units, consolidating and integrating those things before we move forward."

Farrar said the new plan didn't necessitate the same set of management skills, which was the primary reason for Addison leaving the business. He did not rule out further management changes.

Both Addison and his interim successor, Masson, come from the Allied Technologies side of the merged business. Addison has been employed since mid-2003 and assumed the CEO role in mid-2005.

He told ARN in November that despite LongReach shareholders holding 52.8 per cent of the company and the company shifting to the LongReach brand name, both he and Masson would be fulfilling the roles of CEO/MD and CFO.

Addison had not responded to requests for comment at the time of press.

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