Anittel (ASX: AYG) chief executive, Ilkka Tales, has resigned his role to allow current chairman, Peter Kazacos, to pilot the company in his new role as managing director.
In an ASX statement, the company said the management shift follows “significant changes” to the company’s operational structure, management and board make-up since its December profit forecast revision.
“The leadership change is the culmination of a strategic shift to organic growth and a re-invigorated focus on recurring revenue streams,” the statement reads.
Tales will stay on with the company as a non-executive director of the board.
Earlier this month the company said a significant reduction in hardware spend in Tasmania caused a net profit after tax loss of $13.46 million for the six months to 31 December 2010.
The company, formerly known as Hostech Limited, noted the loss included a $10.85 million impairment write-down of goodwill and a redundancy provision of $500,000, recorded in December 2010.
“During the six months to 31 December 2010, the consolidated entity experienced a reduction in hardware sales,” a 1 March ASX statement read. “The primary market driving this decline was Tasmania, where the economy was in recession.”
The company advised in December that it expected its 1H earnings to be lower than originally anticipated. At the time, it expected a net loss of $800,000 for 1H11 and an EBITDA loss of $300,000, on revenue of $31 million.
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