Ten days after announcing group CEO, Geoff Horth, was leaving the company, Vocus (ASX:VOC) has appointed Bob Mansfield as chairman as Vaughan Bowen departs.
The Vocus board told shareholders today that Bowen had proposed the appointment of an independent, non-executive chairman to better serve the interests of the company in the renewal of the board and appointment of new CEO.
According to the announcement of 6 March, Bowen saw this as the appropriate moment to resign from the board.
Mansfield has been with the Vocus board for one year as a non-executive director. In October, he was appointed deputy chairman and lead independent director replacing Craig Farrow.
At the time, Vocus had just made Bowen had just been appointed non-executive chairman.
Mansfield had previously been a chairman with Telstra for four years and the founding CEO of Optus, according to Vocus. His board experience also includes public companies, private companies, and philanthropic organisations.
In a further round of changes, Craig Farrow has resigned from the board following his previously flagged intentions to not stand for re-election.
“Vaughan has been a remarkable figure within our company and the sector more broadly, initially as founding CEO of M2 Group, then as executive director at both M2 and Vocus and, most recently, as Vocus chairman," Mansfield told shareholders.
"Vaughan has been instrumental in the majority of the transactions pivotal to making Vocus into the large scale, profitable, diversified telecommunications company we are today.
"Vaughan has stood strong throughout the turbulent last couple of years, prepared to take on whatever task or role was asked of him, in the interest of the company, it’s team and shareholders."
According to Mansfield, Bowen's decision to step down in the "interest of maximising" the company's opportunity is a "testament" of his commitment.
"Craig leaves with the sincere appreciation of the Board, for his committed service to Vocus during an extraordinarily challenging period,” Mansfield said.
Vocus Group downgraded its full-year earnings forecast by between $5-$10 million, citing headwinds faced by its consumer division.
The telco told shareholders on 20 February that the revised earnings guidance, now being placed at $365-380 million (previously $370 - $390 million), primarily stems from its Australian Consumer division facing headwinds in the second half of the 2018 financial year due to “over hedging” of its energy portfolio and a change in its go to market strategy.