Megaport founder Bevan Slattery has announced his intention to step down as the company's chair by the next financial year.
The Australian businessman will exit the network-as-a-service provider’s board once a new chair has been appointed by FY25.
Publicly listed Megaport plans to embark on a search for an independent chair of the board after the end of the fourth quarter in FY24.
“While I am grateful for the strong support from shareholders for my re-election this year, I am conscious that I have competing priorities and time constraints from my personal businesses which mean that I am unable to commit the time and energy required to head an ASX [Australian Securities Exchange] listed company over the longer term,” Slattery told shareholders.
“Needing to step in as interim CEO and complete the company’s initial turnaround program this year took a significant toll on my other interests and me personally. After ten years in the role, it is the right time to appoint an independent chair to oversee the company’s next stage of growth.”
Slattery said he was confident about the company’s future with Reid in charge.
At the end of the last financial year, Megaport revealed it paid $2.6 million in redundancies in the last financial year.
The Brisbane-based firm revealed to shareholders its revised earnings before interest, tax, depreciation and amortisation (EBITDA) expectations for FY23 from $24 million to $26 million ahead of releasing its full-year report.
Megaport said it was cash-positive as of Q4 FY23 despite the redundancy payments of approximately $2.6 million.