The chief executive officer of Over the Wire, Scott Smith, is to exit the company after just 17 months with nobody lined up as a replacement.
Smith joined the publicly-listed IT and telecommunications services provider in March 2020 in the operational role reporting to Michael Omeros, managing director and group CEO.
The company told shareholders that it did not intend to replace Smith following his departure in September “given the strength of the leadership team”.
“I have known Scott for over 10 years and have always held him in high regard,” Omeros said. “I would like to thank Scott for the significant contribution that he made during his time with Over the Wire, especially around guiding the leadership team, building out our strategy and helping navigate the Company through a time of significant change and growth.”
Omeros added that the company “is in better shape now because of his efforts”, saying “Scott’s leadership, positive attitude and knowledge will be missed, however, his decision to focus more on family and personal investments is understandable and we wish him all the best into the future”.
At the end of the last financial year, shortly after Smith’s arrival, Over the Wire posted a 50 per cent year-on-year decline in net profit after tax (NPAT) of $5 million.
Less than two months later, the provider announced it was set to acquire cloud hosting company Digital Sense in a deal worth $27 million in total.
For the half-year of 2021, Over the Wire posted another decline in NPAT which fell by 23 per cent to $1.8 million, during the six months ending 31 December 2020.
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