Spirit Telecom Limited (ASX:ST1) has reported that co-founder Geoff Neate is resigning as Managing Director after 15 years.
The company has looked internally for Mr Neate’s replacement and named Sol Lukatsky as Managing Director.
Whilst Mr Neate will step off the Board, Spirit has entered into a Consultancy Agreement with him and he will stay on to consult in M&A activity and continue to work with Spirit Chairman James Joughin to look for attractive and accretive acquisitions.
Mr Joughin said that since the inception of Spirit, Mr Neate has navigated the company from a simple telecommunications reseller to a carrier that has been heralded as one of Australia’s fastest internet service providers. He has guided Spirit from a 2004 start up to publicly listing in June 2016. Since listing Spirit has continued to grow through a series of acquisitions and organic growth.
“With the recent run of acquisitions, the conversion of $5.6M of options and the $8M CBA facility Mr Neate has positioned Spirit for a long-term growth opportunity.”
“I wish to acknowledge the hard work and leadership Geoff has provided Spirit over the past three years in the position of Managing Director. Over that time, he has developed, grown and diversified the business and provided shareholders with significant value since listing. Whilst we will miss him as Managing Director, the Board is delighted he will still make a valuable contribution to Spirit assisting with our M&A activities,” Mr Joughin said.
“I am also happy the Board is to be able to make a seamless transition to Sol as the new Managing Director of Spirit. Since joining Spirit, Sol has been vital in the development and execution of our growth strategy both organically and across our M&A activities. The business continues to show very strong growth as evidenced in the H2/19 results. With a well funded balance sheet and new growth strategy, Spirit is very well positioned to take advantage of the demand for high speed data links and IT Services.”
Mr Lukatsky joined Spirit in 2018, most recently he has held the role of Chief Sales and Marketing Officer as well as Executive Director. He has over 15 years’ experience in senior leadership roles.