Melbourne IT to announce new CEO soon

Melbourne IT to announce new CEO soon

Melbourne IT is "very advanced" in finalising new chief

Melbourne IT is close to announcing a new chief executive as outgoing boss Theo Hnarakis prepares to step down on December 5.

Melbourne IT chairman Simon Jones confirmed Melbourne IT chief executive Theo Hnarakis, whose intended departure from the company was announced in August, will officially step down on December 5.

“Mebourne IT is very advanced in finalising its preferred candidate as CEO and is hoping to make an announcement shortly,” he said.

“There is a lot to do in the next few months, including a review of possible acquisitions, which could add scale and capability to our company and the continued restructuring and reinvigoration of our company to create more compelling service offerings and a more efficient service.”

Melbourne IT CFO Peter Findlay will hold the position of acting-CEO from the date of Hnarakis' departure until a permanent CEO is found.

The announcement comes with a proposal to return $45.2 million to shareholders as a result of the sale of its DBS division.

The proposed capital return of 0.54 cent per share is subject to approval from shareholders at the general meeting in January next next year.

Jones said the capital return is being made to return surplus capital to shareholders from the sale of the DBS division.

“The company’s strong financial position means we are able to undertake this capital return without adversely affecting our financial flexibility and growth objectives,” he said.

“It demonstrates Melbourne IT’s commitment to prudent capital management while actively managing its balance sheet to provide satisfactory returns to shareholders.”

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Tags Melbourne ITTheo HnarakisSimon JonesPeter findlay

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