Change of CEO, ownership at WorldxChange
Management buyout at second-tier ISP as long-time boss returns to US.
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EARNINGS
Long-time WorldxChange CEO Cecil Alexander has resigned and returned to the United States, the company said today.
Mr Alexander has been replaced by Glenn Johnstone, formerly COO of the Auckland-based internet service provider.
The former CEO had been looking to return to the States for some time, the company said.
As he departed, Mr Alexander sold his shares in the privately-held ISP.
An ownership reshuffle saw director, majority shareholder and NZ Army Signals Corp veteran Paul Clarkin increase his stake in WorldxChange to 75%.
Five other managers have bought into the company.
Spokeman Mike Purchase refused to provide details on the company's performance, but said it had 50,000 customers (putting it on the tier below the "big five" ISPs - Telecom, TelstraClear, Vodafone, CallPlus/Slingshot and Orcon - all of whom have 100,000+ customers).
Mr Purchase said the company was "the most profitable it's ever been", helped by a focus on IP services. Clients included IAG, and various government departments that did not want to be named.
In 2009, it became Telecom's fibre partner for hooking up homes on a series of housing developments.
"The majority of our business is generated from our carrier network rather than ISP services," Mr Purchase said.
Chris Keall
Thu, 14 Jun 2012
Thu, 14 Jun 2012
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Change of CEO, ownership at WorldxChange
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