Stephen Rue will succeed Bill Morrow as new CEO of NBN Co on 1 September, following Morrow's announcement in April that he was stepping down.
On 4 April, Morrow announced he would step down from his role by the end of the year.
Morrow told the board and the Federal Government of his intentions to depart after more than four years at the helm, with plans to leave at the end of 2018.
“I believe that as the company prepares to confront the new challenges ahead, this is the right time to hand over the reins for the next phase of this incredible project and for me to plan for the next step in my career,” Morrow said in a statement.
Now, NBN Co, the company behind the rollout of the national broadband network (NBN), announced that Rue who is currently CFO would take over the top position.
NBN Co said it started an executive search firm to undertake a search for his replacement
"Given the unique nature of the NBN access network and the Australian telecommunications environment, with the end of the build phase only two years away, the Board concluded that an internal candidate with firsthand experience of driving change and improvement throughout the company would be best placed to help ensure all Australians have access to fast broadband by 2020," the company said in a statement.
Rue joined NBN Co in July 2014 as CFO and has been responsible for all financial aspects of the company, as well as driving key operational enhancements across the business, and in partnership with industry.
“I am honoured to lead the dedicated and hardworking team here at NBN Co, as well as continuing to work with our industry partners," Rue said.
"I joined NBN Co because I knew it would make a difference to Australians. I look forward to continuing this journey, which will have a real impact on health, education, job creation and prosperity into the future.”
Morrow, who will step down from the role in 1 September said he was pleased that one of his senior executives has been selected and will follow me in this exciting role.
"Stephen has been an outstanding team member and is a very popular choice for this challenging role," he added. "I warmly congratulate Stephen and wish him well.”
Rue will receive compensation made up of $1.8 million in base pay and 50 per cent annual incentive should key milestones be achieved as reflected in the balanced scorecard approved by the board.