Vocus CEO James Spenceley
On the back of its successful arrangement to merge with Vocus Communications, Amcom Telecommunications' CEO, Clive Stein, will be stepping down.
Stein was appointed as the CEO in 2007 when Amcom's market value sat at $60 million.
Amcom chairman, Tony Grist, said in the past eight years, Stein had steered the company to a ten-fold increase in value.
Vocus' James Spenceley will take on the role of CEO and managing director of the combined entity.
In December, the chief executives of Vocus and Amcom said there will be an initial personnel restructure when the two companies merge.
Last week, the Federal Court of Australia approved the scheme of arrangement for Vocus to acquire Amcom.
On June 15 at a meeting in Perth, Amcom shareholders voted in favour of the scheme of arrangement, giving the Vocus merger the green light.
Total shares voted at the meeting were 234.7 million with 77 percent voting for the merger, while 22.8 percent voted against.
According to a statement from Amcom, the scheme received unanimous support from the balance of the share register (excluding interests held by TPG), with 99.8 percent of non-TPG votes cast in favour of the Scheme.
Other than TPG, only 300,000 voted against the resolution.
"This shareholder vote is something of a landmark given TPG held 19.99 percent of Amcom and voted against the Scheme," Amcom chairman, Tony Grist, said at the time.
Source: ARN Net Australia
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