Co-founder of telecommunications provider Spirit Telecom Geoff Neate has resigned as managing director of the company.
Neate will also step down from the board of the publicly-listed company, but will remain as a consultant on M&A activity for a monthly fee of $12,500 for 12 months.
"It has been an enormous privilege to serve the shareholders that believed in Spirit over the past near 15 years," Neate said. "The company has transformed over the journey, but at our core has always been the will to build an impressive company.
"Taking Spirit to where it is today has meant that we have been able to provide a return to our shareholders and, more importantly, we have a significant platform to continue to grow," Neate added.
He was responsible for taking Spirit from a telco reseller to a carrier into one of Australia's "fastest internet services providers", the board said in a statement to shareholders.
"He has guided Spirit from a 2004 start-up to publicly listing in June 2016. Since listing, Spirit has continued to grow through a series of acquisitions and organic growth.
"With the recent run of acquisitions, the conversion of $5.6 million of options and the $8 million CBA facility, Mr Neate has positioned Spirit for a long-term growth opportunity," the board added.
The Adelaide-based firm made a net loss after tax of $832,742 for the year ended 30 June, a 245 per cent drop from last year’s half a million profit.
However, despite the drop, the company said it plans to continue its acquisition strategy throughout the new financial year in an effort to grow its offerings and customer base.
Spirit Telecom has acquired whole licensed telecommunications carrier LinkOne along with its group of companies including Anttel Communications Group, Ignite Broadband and Wells Research for $5.7 million. Later it announced the acquisition of Building Connect for $300,000.
Board member Sol Lukatsky has been appointed managing director and will lead Spirit Telecom along with executive director and COO Mark Dioguardi.