The Aussie Broadband Ltd (ASX: ABB) share price is up 5.63% at an intraday high of $3.85 at the time of writing on Friday.
This follows an announcement that Aussie Broadband's co-founder, Phillip Britt, will retire as group managing director next month.
He will remain on the board as a non-executive director and will assume a newly created role as a special technical advisor. He will consult on the Aussie Broadband fibre optic roll-out and other special projects.
Aussie Broadband CEO Brian Maher has been appointed successor for the group CEO role from 1 March.
Let's find out a bit more.
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Aussie Broadband share price rises amid CEO change
Maher began working at Aussie Broadband in 2019 as chief financial officer (CFO) and company secretary.
He ascended to the role of Aussie Broadband CEO in February last year.
In a statement, the company said Maher was integral to the success of Aussie Broadband's initial public offering (IPO) in 2020.
Maher has more than three decades of experience in executive and senior financial roles.
Prior to joining Aussie Broadband, he was CFO at Australian Health Management and LocalAgentFinder, the CFO and CEO of https://health.com.au, and executive manager at Suncorp Group Ltd (ASX: SUN).
Aussie Broadband chair Adrian Fitzpatrick commented:
The Group is very well positioned with Brian as Group CEO to continue the strong delivery against
our strategic goals, supported by the executive leadership teams at both Aussie and Symbio.
Fitzpatrick added:
Phil will remain on the Board as a Non-executive Director and commence as a Special Technical Adviser.
He is a pioneer of Australia's telecommunications industry, and his extensive knowledge will be important as Aussie Broadband continues to grow with shareholders and all stakeholders benefitting from his ongoing involvement given his industry expertise and experience.
The company said Britt is a substantial shareholder who remains committed to Aussie Broadband's future.
Britt will provide advisory services for two years with an option to extend for one year by mutual agreement.
Aussie Broadband will pay him $300,000 per year, adjusted annually for inflation, based on an average monthly time commitment of five days.
Britt is launching a new community-focused venture in the Gippsland region called Rural Fibre Co. He grew up in Gippsland and still resides there.
In the statement, Britt commented:
I have always been committed to transforming the digital landscape for communities in the Gippsland region.
With my new venture, I will be investing in the latest fibre technology for the underserved areas of Gippsland, ensuring the region is not left behind in Australia's digital future.
I have worked with Brian for the past 5½ years, and I am confident Aussie Broadband will continue to go from strength to strength, and I look forward to supporting Brian and the wider leadership team in my new advisory role.
