The Aussie Broadband Ltd (ASX: ABB) share price is up close to 6% after the ASX telco share announced who the new CEO of the business will be.
Aussie Broadband is one of the challenger telco brands, it’s the fifth largest provider of broadband services in Australia. It also provides a range of offerings through its data, voice and managed solutions to businesses, enterprise and government customers. It also provides wholesale services to other telecommunications companies and managed service providers.
New Aussie Broadband Group CEO
The board of Aussie Broadband announced that the company’s managing director and co-founder Phillip Britt has told the board he intends to retire as the managing director on 28 February 2025 to pursue a personal community-focused venture in the Gippsland region where he grew up and still lives today.
Aussie Broadband CEO Brian Maher will be appointed as group CEO on 1 March 2025. Maher joined Aussie Broadband in 2019 as the chief financial officer and company secretary, before becoming the Aussie Broadband CEO in February 2024.
Phillip Britt will become a non-executive director, while also having a special technical adviser position created for him to provide “valuable knowledge, experience and technical insight into the expanding Aussie Broadband fibre optic network and other special projects”. He will be paid an annual fee of $300,000 per year, adjusted for inflation, based on an average time commitment of five days per month.
Leadership comments
The chair of Aussie Broadband, Adrian Fitzpatrick, said about Mr Britt:
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.
Phillip Britt said:
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.
Final thoughts on the Aussie Broadband share price
The company has recovered from the pain felt during 2024, so I wouldn’t call it a cheap buy today. But, it’ll be interesting to see how the company performs under the new leadership.
