The founders behind publicly listed Nexion Group, group CEO Paul Glass and alternate director and COO Kevin Read, have decided to step down.
For the interim, chairman Peter Christie will be taking on the role of executive chairman and CEO. Nexion’s CFO John Bell has also been made a director of the company.
According to a statement on the Australian Securities Exchange (ASX), both Glass and Read left the company by mutual agreement.
“A new CEO will be introduced who has the requisite skills and experience to take the company forward,” Nexion told shareholders.
Glass has been in the CEO post since he founded Nexion Group in 2017 alongside Read where they merged with the Metro IX data centre in Belmont, Western Australia.
The moves come as Nexion recently completed its current capital round and acquisition of two New Zealand businesses – Aiscorp and Silicon Systems – the latter of which being announced in June last year.
At the time of the acquisitions, Nexion said the deals would provide additional resources to underpin new contracts with blue-chip customers in New Zealand and a base for future expansion into the Americas.
Since its inception in 2017, the hybrid cloud services provider has experienced rapid growth from a start-up to a significant technology services operation with annualised revenue of $9.6 million.
Nexion began trading on the Australian Securities Exchange (ASX) in February 2021.
The Perth-based company lodged a prospectus in November 2020 looking for a $22.3 million market capitalisation and offering 40 million shares at $0.20 each, which led to it successfully raising $8 million.
At the time, Glass said taking the company public was a “huge milestone” in its three-year history.