iiNet co-founder joins Superloop's board
- 23 June, 2017 10:23
Former iiNet co-founder and CEO, Michael Malone, has joined Superloop (ASX:SLC) as its chairman of the board. Prior to this, he was the company’s independent non-executive director, a role he took on in April 2015.
Malone’s move to being chair sees Superloop founder, Bevan Slattery, relinquish his responsibilities as executive chairman and take on the role of CEO. He will also retain his position as a director of the fibre connectivity company.
Slattery was Superloop’s executive chairman since it was founded in 2014, and took on the added responsibility of interim CEO in February 2016.
In a statement on the ASX, Slattery highlighted Malone’s successes, saying that his experience would benefit him in the new role.
“I am honoured that Michael has agreed to guide the company through its next phase of growth. Michael brings significant industry experience and shares my passion for outstanding customer service,” he mentioned.
Malone sits on the board as a director of other businesses as well, including Dreamscape Networks, nbn, Seven West Media and Barristers’ Chambers. He is also the chairman at Diamond Cyber, and independent non-executive director at SpeedCast.
He was the co-founder and CEO of iiNet, having founded the company in 1993 and remaining as CEO until 2014. David Buckingham took on the responsibilities from Malone, when he stepped down from iiNet after 20 years of leadership.
Slattery also mentioned the opportunities Superloop is presented with, having acquired BigAir in December last year and embarking on the rollout of the Indigo international cable systems.
“The opportunity that is presented to Superloop across the Asia Pacific region and within Australia is compelling. We have constructed a high-quality network of connectivity infrastructure and will benefit from the economies and control that ownership provides.
“The completion of the Indigo international cable systems in mid-2019 will further expand our network so we can offer customers a fully meshed Pan-Asian network,” he said.
According to Slattery, the BigAir acquisition that it completed late last year provides the company with an Australian national presence and to play in the wireless connectivity solutions market.
“I am committed to ensuring Superloop successfully integrates the BigAir business and realizes the cost savings and revenue synergies on offer,” he added.
In addition, the company bought telecommunications infrastructure company, SubPartners, in April in a move to expand its international capacity.
Superloop has also been on a hiring spree, having recently nabbed a Vocus executive, Dan Whitford, appointing him to the role of general manager of strategic sales. The company also appointed Matthew Hollis from Vocus, giving him the position of group general manager, sales and marketing and executive director.
In February, Superloop reported a net loss after tax of $2 million for the first half of the financial year 2017, seeing progress on the $3.5 million loss recorded for FY16.
At the time of writing, Superloop’s shares were trading at $2.58.