Australian interconnectivity provider, Megaport (ASX:MP1), is gearing up for a leadership change, with CEO, Denver Maddux, set to step down in March.
The publicly-listed company told shareholders on 14 February that Maddux had tendered his resignation and would step down from his role as CEO on 31 March. However, he will remain involved with the business in his capacity as a strategic advisor to the board.
“I am extremely proud of the team we have built and the business we have created,” Maddux said in a statement. “Megaport is truly a transformative company and is changing the means of worldwide web interconnection forever.”
Megaport founder and chairman, Bevan Slattery, talked up Maddux’s leadership of the company, saying that his “commitment to, and leadership of, the business for the past two-and-a-half years has been amazing”.
Prior to joining Megaport, Maddux did time as senior director, strategy and planning, GNS, at Microsoft and, before that, worked as vice-president of network engineering and architecture at Limelight Networks.
Meanwhile, Megaport’s chief operations officer, Vincent English, will step into the role after Maddux steps down in March. English, who has worked for Megaport since June 2015 as its CFO, was appointed as group chief operating officer and deputy CEO in January.
“I’m very excited about the opportunity to lead Megaport in the next stage of its development,” English said, having been heavily involved in the deployment and integration of the Megaport system with major global strategic partners.
“Under Denver’s leadership, the business has become the global leader in the provision of elastic interconnection services. My goal is to widen that lead and realise the opportunity provided by the increasing growth in the market for global elastic interconnection services,” he said.
Slattery praised English, who has previously held regional CFO roles at Digicel, suggesting that his skill-set and experience will place the company in good stead for further growth.
“I’ve been fortunate to have worked closely with Vincent over the last 18 months,” Slattery said. “In that time, he has consistently demonstrated strong technical and execution skills while adopting the ‘lead from the front’ management style required in businesses of the type and stage of our development.”
In October last year, Megaport posted a quarterly revenue increase of 91 per cent, to $1.8 million, which the company attributed to organic growth and acquisitions.
Maddux said, at the time, that the company’s organic revenue had grown considerably due to the increased uptake of direct cloud interconnection.
“Partnerships with data centre operators, internet exchanges, and other channel partners forged in the previous fiscal year are generating revenue” he said.
Late last year, the company closed the acquisition of Peering GmbH (ECIX) for a total cash price of $1.9 million, and executed a global strategic agreement to provide interconnectivity services for Digital Realty.
At the time of publication, Megaport's shares were trading at $2.16.