John Craven has resigned as non-executive chairman and company director of the listed channel conglomerate IT&e Limited (IT&E).
After serving as the company's inaugural chairman, Craven is reportedly looking to concentrate his efforts on Hunter Bay Partners -- an IT venture capital company -- of which he is a partner.
IT&e listed on the ASX late last year and has since gone on to post a positive cashflow, made three acquisitions and signed a significant joint venture with Asian financial services provider OSK. The partnership will see OSK inject $4.5 million into the company within the next 60 days.
The company has also recently announced shareholder approval to issue up to 30 million shares to fund further acquisitions.
IT&e's deputy chairman, Bob Johnson, will assume the role of acting non-executive chairman.