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Position Vacant: Aussie Telco Seeks New CEO; Experience Preferred

Australia’s No 5 telco and cross-country and undersea cable operator Vocus is on the hunt for a new CEO after yesterday confirming that incumbent Geoff Horth, pictured, who has held the job for the past two years, has finally been politely shown the door.

His departure, which had been widely predicted for some months, closely follows the recent announcement of a 21 percent drop in net profit in the six months to December, and the flagging of a cut in full-year guidance.

Chairman Vaughan Bowen was yesterday telling media that the latest share slump had persuaded the board to expedite Horth’s long-expected departure.

“Geoff has served as Vocus CEO during undoubtedly the most challenging chapter in its journey to date,” Bowen said, adding that he “leaves the company with the sincere appreciation of the board, for his unrelenting endeavour under the most trying of circumstances.” And no doubt with a reasonable farewell package …

Michael Simmons, currently CEO of Vocus’s wholesale and international division, will act as interim CEO until a long-term replacement is found.

Vocus shares yesterday recovered somewhat, following the announcement. They closed the day at $2.41 on the ASX, up four cents, but well below the $9 levels of two years ago.

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