KAZ Group CEO and managing director, Peter Kazacos, has announced his intention to step down.
Kazacos, a co-founder of the company, is to take up a new role as deputy chairman with a focus on major strategic initiatives. The hunt for his replacement is already under way but Kazacos will remain in his current position until an appointment is made.
Company growth and the changing nature of his CEO role are understood to have been a major factor in Kazacos' decision to move aside.
"I have always enjoyed working closely with customers and new technology," he said. "By making this move, I will be able to hand over the daily responsibility of running a public company and free up more time to pursue strategic opportunities."
Group chairman Tony Hartnell praised the efforts of Kazacos over the past 15 years, calling him "an inspiration" and predicting his level of commitment would be carried into his new role.
KAZ Group said it will now look to appoint an experienced operational executive, ideally with a background in large public company management, as Kazacos' replacement.
Speculation about the future of KAZ Group has been rife since it called a halt to the trading of its shares on Thursday. Management changes or a partial sell-off were rumoured but Kazacos' decision to step down comes as something of a surprise.
Last month, KAZ Group restructured its operations into two distinct arms, a move it said would allow it to fully incorporate Aspect Computing, which it acquired in April last year, and provide customers with a single point of contact to the full range of its services.
The new KAZ Technology Services outfit combined the Aspect business with the former KAZ Computer Services to offer facility management and outsourcing as well as managed infrastructure, technical, application development consultancy and education services.
KAZ Business Services, which swallowed the former Ausdata business and Business Process Outsourcing division, offers customer contact solutions, claims management and processing, document management, client administration and transaction services.
More details to follow.