Anittel CEO, Ilkka Tales, has stepped down from his post and Peter Kazacos has taken up the managing director role.
Kazacos will continue to resume his position as the chairman of the board.
Tales will remain as a director of the board, in a non-executive capacity.
The leadership shake up comes after Anittel (ASX:AYG) suffered a dramatic 1215.5 per cent loss in profit after tax amounting to $13.7 million for the half-year ending December 31. However, revenue over the same period rose 1221.6 per cent to $31.67m.
At the same time last year, Anittel’s net profit dropped $1.02m with revenue totalling $2.4m.
According to Anittel, the main reason for the major loss was a $10.86 million impairment write down of goodwill due to a fall in product sales in Tasmania and the poor performance of the IT services.
In a statement to the ASX, Anittel, said it made significant changes to its operational structure, management and board make-up since revising its profit forecast in December.
It is making a strategic shift towards organic growth with a focus on recurring revenue streams.
Kazacos said the company will maintain a tight reign on expenditure and it was fully geared to capitalise on organic growth opportunities in the next 12 months.
It plans to ramp up its marketing activities within its managed IT and telecommunications services marketing.
“I remain committed to our growth in regional Australia with local expertise and support services, and I’m confident that our offer will continue to enjoy broad acceptance,” Kazacos said.
Shares were trading at $0.008 at the time of publication.