Business solutions company, UXC Limited (ASX:UXC) managing director and CEO, Cris Nicolli has informed the company’s board of directors that he intends to retire in 2016. Nicolli will be stepping down after 12 years of service with the company, including the five years as managing director and CEO.
Nicolli will continue as managing director and CEO during the process where the indicative, non-binding and conditional proposal to acquire all of the shares of UXC from CSC will be considered and completed.
In the event that the transaction with CSC does not proceed, Nicolli will continue as managing director and CEO until the appointment of his successor and will support his successor through an appropriate transition period.
The company said, in a statement on the ASX, that a succession planning process has been put in place to enable the board of directors to pick Nicolli’s successor. Both internal and external candidates are being considered for the role.
UXC chairman, Geoff Cosgriff, on behalf of the board of directors, thanked Nicolli for his commitment to UXC and outlined some of his significant achievements in the role.
“During his tenure as managing director and CEO, Cris has delivered a strong return to shareholders, both through dividend streams and a significant increase in share price from $0.48 when he was appointed in 2010 to a current share price of $1.19 with a prospective offer of $1.28 being proffered by CSC,” he said.
Nicolli joined UXC in June 2003 as CEO of the business solutions group, the IT arm of UXC.
“He was instrumental in developing the long-term strategy for that business. He identified key growth segments within the IT market, then built a depth of capability and established leading market positions within these segments. With these core drivers of growth in place, Cris led the IT business from $60 million revenue to the $700 million revenue business it is today.”
Cosgriff added that as managing director of UXC, Nicolli was instrumental in transforming the company from a conglomerate of disparate businesses into a focused, customer centric, pure IT business.
He was also involved in UXC winning a significant number of new large contracts which were successfully delivered to customers. Most recently, the company inked deals with annuity Cloud-based contract with water treatment and chemical distribution company, Ixom; Transpower New Zealand; and an unnamed global listed beverage company.