Eftel CEO resigns as M2 takeover closes in

Eftel CEO Scott Stavretis will leave the company at the end of this month after two years as CEO and managing director, following the announcement that M2 will seek to take over Eftel in March.

The deal came as part of an agreement announced in March that saw M2 agree to buy out Dodo for AU$203.9 million, and also seek to purchase Eftel, subject to the approval of shareholders, most of whom were directors of Eftel.

Last week, the directors accepted the takeover offer, and, as a result, Larry Kestelman, Ryan O'Hare, Simon Ehrenfeld, Illario Faenza, and Scott Stavretis all resigned as directors of Eftel, as M2 gained a 90.59 percent stake in Eftel.

Stavretis will also step down as CEO as of April 30, the company announced to the Australian Securities Exchange (ASX) on Tuesday.

"The Eftel board wishes to thank Scott for his significant contributions to the company in his two years as chief executive officer and managing director," the company said.

Stephe Wilks will stay on as chairman until the takeover has been completed, and M2 chairman Craig Farrow and executive director Vaughan Bowen have been appointed as directors on Eftel.

The value of the Eftel buy has been put at AU$44.1 million.