Engin plugs CEO gap

A year after losing its last chief executive, voice over internet provider Engin has filled the role internally.

A year after losing its last chief executive, voice over internet provider Engin has filled the role internally.

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(Credit: Engin)

Charles Solomon, who had taken on leadership responsibilities following the resignation of Mark Zworestine last October, has now been appointed as Engin's chief executive.

Engin chairman Ian Smith credited Solomon with the company's continued restructuring efforts. Zworestine, Engin's former chief financial officer, saw it halve its headcount over the year prior to his departure.

The company's preliminary final report issued in late August revealed its focus on cost-cutting to improve profitability. Engin reported that it had cut its $12 million operating loss to $6.7 million over the last year, while revenues increased by 2.3 per cent to $20.2 million.

It also cut its operating expenditure by $9 million to $13.1 million. Engin's figures were not bolstered by the $3.7 million income it had generated via its interest in broadcaster Channel Seven internet service provider subsidiary Unwired last year. Engin's earnings before income tax, depreciation and amortisation (EBITDA) losses were reduced from $6.9 million to $1.5 million.

The early VoIP entrant has also appointed its current head finance, Matthew Gepp, to the role of CFO, as well as Graeme Dollar to the position of chief operating officer, both effective from 1 October.

Seven executives, Ryan Stokes, Bruce McWilliam and Rohan Lund, who took spots on Engin's board in 2006 after it acquired a 33 per cent stake in it remain in their positions alongside Smith. The board previously consisted of seven members in total, with four from Engin.