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Macquarie Telecom farewells non-executive director

John Palfreyman leaves company following nearly 10 years of service

Macquarie Telecom’s John Palfreyman has resigned from his position as non-executive director, and will leave his post at the end of April.

Macquarie Telecom is an Australian managed hosting, Cloud and telecommunications company.

According to a statement, Palfreyman departed to “pursue other personal interests” but will provide consultancy services to the company.

Palfreyman was appointed non-executive director in July 2004. He was also was a standing member of the Corporate Governance committee and chairman of the Audit Risk Management and Remuneration committee.

A Macquarie Telecom spokesperson confirmed the company has not yet decided whether to replace Palfreyman, and will continue operating with two executive directors and three non-executive directors once he leaves.

During Palfreyman’s tenure, Macquarie Telecom’s earnings before interest, tax, depreciation and amortisation (EBITDA) profitability grew from $7.9 million for the 2004 fiscal year to $35.1m in 2013.

The telco’s share price also increase from $2.38 to $8.37 over the same period.